More Than One Quarter Of Homes Have Dropped Prices
More than a quarter of homes on the market right now have had a price cut since they were first put up for sale. Trulia.com has released research that shows 27 percent of homes currently on the market across the United States have experienced at least one price cut. Their data reveals that across 15 major cities, including New York City, Chicago, Los Angeles, Boston and Atlanta, the average price reduction for homes ranged from $20,000 to $295,000. Trulia announced the findings along with the new " price reduction functionality" on their home research website that helps you find price cuts in your area.
Trulia says that prices on 39 percent of New York City's homes for sale have been cut by an average of 14 percent. Across the country in Los Angeles, 33 percent of listings have been cut by an average of 13 percent. Reuters reports that the average prices of 20 metropolitan areas are down 29 percent from 2006 per the Standard & Poor's/Case-Shiller index. New York City has fared better than some places like Las Vegas and Miami which experienced huge booms and have seen prices fall off dramatically.