Home Price Reductions Fall to All-Time Low
About one in five residential property listings (19 percent) on the market as of March 1 had at least one price reduction, down from 21 percent at the beginning of February, according to Trulia’s March 2010 Price Reduction Report.
It is the first time price reduction levels fell below 20 percent since Trulia began tracking this statistic in April 2009, and it is a new all-time low. Price reductions have declined steadily from a peak of 26 percent in November 2009 to the current rate of 19 percent. The average home price reduction was 11 percent off the original asking price during the month, unchanged from the previous month. Overall, home prices were slashed to $21.6 billion in February.
