Price reductions
Since Trulia.com began tracking national home price reduction levels in April 2009, 19% of the current listings on the market experiencing at least one price cut represents the first time these numbers have dropped below 20%, according to Trulia.
Last month, price reduction levels were 10% higher and the current dollar amount reduced from home prices dipped to $21.6 billion, with an average price cut of 11%.
The national data is intriguing
From February 1 to March 1 of this year, these five cities experienced the biggest drop in price reductions:
- Charlotte, NC – 28% drop
- Colorado Springs, CO – 19% drop
- Houston, TX – 19%
- Raleigh, NC – 19%
- Jacksonville, FL – 17%
For $1M+ homes, these five cities experienced larger discounts compared to the national average:
- Columbus, OH – 35% off
- Mesa, AZ – 22% off
- Cleveland, OH – 20% off
- Baltimore, MD – 18% off
- Las Vegas, NV – 18% off
Nationally, the top five cities with the highest number of listings experiencing price reductions:
- Milwaukee, WI – 33% of listings with price reductions
- Phoenix, AZ – 31%
- Mesa, AZ – 31%
- Memphis, TN – 31%
- Baltimore, MD – 30%
Ken Shuman, head of communications at Trulia told Reuters, “Did we pull all of our qualified buyers forward, and what’s the demand going to be like overall whether there is a credit or not come the big selling season? That’s the biggest challenge coming off of the tax credit.”
