If you're looking for a home in Boston, Phoenix Baltimore, Dallas or Minneapolis, we have some good news. For the second month in a row, home sellers are cutting prices in droves in these cities, according to Trulia, which maintains one of the most comprehensive real estate sites on the web.
"Buyers definitely have the upper hand in negotiations this season," said Trulia's co-founder and CEO Pete Flint, in a statement announcing this month's price reduction report.
As of July 1, 24 percent of listings on the market have experienced at least one price reduction, a nine percent increase from the previous month.
On the whole, price reductions have become more frequent during the past few months, fueled by the expiration of the federal first-time home buyer tax credit. This July, 22 out of 50 of the largest U.S. cities had at least 30 percent of homes reduced in price, compared to 10 cities last month, Trulia reports. Nationally, the average price reduction was 10 percent.
Total Amount of Reductions : $20,431,656
2.Kansas City, Missouri - 32% Of Homes Had Their Price Slashed
Average price reduction: 9%
Total amount of price reductions: $34,122,816
3.Tucson, Arizona - 32% Of Homes Had Their Price Slashed
Average price reduction: 10%
Total amount of price reductions: $63,589,760
4. Memphis, Tennessee - 33% Of Homes Had Their Price Slashed
Total Amount of Reductions : $24,156,340
Average Price Reduction: 9%
5. Phoenix, Arizona - 33% Of Homes Had Their Price Slashed
Average price reduction: 13%
Total price reductions: $103,082,616
6.Baltimore, Maryland - 34% Of Homes Had Their Price Slashed
Average Price Reduction: 11%
Total Amount of Reductions : $37,273,818
7.Boston, Massachusetts - 34% Of Homes Had Their Price Slashed
Average Price Reduction:7
Total Amount of Reductions : $51,750,099
8.Dallas, Texas -38% Of Homes Had Their Price Slashed
Average Price Reduction:9%
Total Amount of Reductions : $164,878,956
9.Milwaukee, Wisconsin - 39% Of Homes Had Their Price Slashed
Average Price Reduction: 9%
Total Amount of Reductions: $22,856,449
10.Minneapolis, Minnesota - 40% Of Homes Had Their Price Slashed
Average Price Reduction:9%
Total Amount of Reductions : $30,138,399
Source:
http://www.huffingtonpost.com/2010/07/17/10-cities-where-sellers-s_n_646620.html#s114012
