Real estate site Trulia.com has released nationwide data on price reductions as of June 3rd. Across the country, 23.6 percent of homes on the market have experienced at least one price cut, totaling $24.7 billion in reductions.
Closer to home, Irvine ZIPs saw price reductions ranging from 21% of homes in 92604 to 43% in 92618. The only O.C. ZIP code that saw a higher percentage of price reductions was 92861, which includes Villa Park. There, 58% of homes currently for sale have seen price reductions.
The amount of the average reduction ranged from 6% off the original list price in 92606 to 12% off in 92618. Check out the average list price in uber-expensive 92603, even after the price reductions…
| ZIP | % Listings Reduced | Avg. Price Pre-Reduction | Avg. Reduction | Avg. Price Post-Reduction |
|---|---|---|---|---|
| 92602 | 28% | $884,903 | 7% | $823,369 |
| 93603 | 29% | $2,274,856 | 10% | $2,040,464 |
| 92604 | 21% | $589,552 | 7% | $547,229 |
| 92606 | 24% | $545,150 | 6% | $513,292 |
| 92612 | 26% | $644,572 | 10% | $578,280 |
| 92614 | 27% | $580,084 | 10% | $524,219 |
| 92618 | 43% | $817,653 | 12% | $718,123 |
| 92620 | 28% | $626,764 | 10% | $565,589 |
How did your ZIP code fare? Do you think we’ll see more or bigger price reductions in the next six months or one year? Or do you see prices stabilizing? Sound off!
A reduction to affordability (income:debt) will be good for the economy. There will be much pain from going through withdrawals. The masters will offer more candy to ease the pain and keep the monkey on the peoples’ backs.
I’m confused by this article.
It says “Closer to home, Irvine ZIPs saw price reductions ranging from 21% of homes in 92604 to 43% in 92618.”
The 43% reduction, as far as I can tell from the table, is the %of listings, NOT the percentage of “home prices” as suggested in the title of this article. The percentage of price reductions is the second column from the right.
Sorry if that was confusing. That’s why I wrote “21% of homes,” etc., and not “a 21% price reduction.” In other words, this many homes had their price reduced.
Where can I find a map that shows which parts of Irvine each zip code covers? Thanks!