Fewer Sellers Cut Home Prices, for Now
Trulia reports a decline in the number of home sellers lowering their asking prices at least once to 21 percent as of Jan. 1 from 22 percent in December and 25.6 percent in November, marking the lowest level since April. The average discount held steady at 11 percent.
Trulia reports a 50 percent drop in cities with price reductions of 30 percent or more on average, with only seven major cities reporting such cuts at the beginning of the month. Regionally, 20 percent of listings in the South and 22 percent of listings in the West, Midwest, and Northeast experienced price cuts.
Trulia CEO Pete Flint says, “I expect reductions to rise again as the tax credit extension deadline approaches but I also expect mortgage rates to rise, so they may cancel out the savings [from list price reductions].
Source: Reuters, Lynn Adler, (01/12/10)
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