Home Price Reductions Decline
About one in five homes (21 percent) currently on the market as of Jan. 1 has had at least one price cut, according to a new Trulia survey. This is the second straight month in which price reduction levels have decreased. The total amount trimmed from home prices also dropped 14 percent to $21.2 billion in January, down from $24.7 billion a month ago. The average discount for price-reduced homes is This month is 11 percent.
The luxury home market (homes listed at $2 million and higher) continues to be hit hard by price reductions, with an average price cut of 15 percent. The average discount for homes prices at less than $2 million remains at 10 percent.
Jacksonville, Fla., leads the nation with the highest percentage of listings with price reductions at 36 percent; the average price cut in that market is 11 percent.
