HOME PRICE REDUCTIONS INCREASE BY 10 PERCENT
NATIONALLY AS FEDERAL TAX CREDIT EXPIRES ACCORDING TO TRULIA’S MAY 2010 PRICE REDUCTION REPORT
Price Levels for Luxury Homes in U.S. Unaffected by Tax Credit
SAN FRANCISCO, May 12, 2010 – Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 22 percent of listings currently on the market in the United States as of May 1, 2010 experienced at least one price reduction. This represents a 10 percent increase from the previous month. The total dollar amount slashed from home prices was $25 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.
“With more than a year of the federal government’s involvement, we are now re-entering the free market system. As we readjust to the free market, we expect to hit turbulence in some markets,” says Pete Flint, Trulia co-founder and CEO. “We won’t know the true severity of the tax credit expiration until the conclusion of the peak home buying season in the summer months. Only then will we have a better sense if the U.S. housing market can stand on its own two feet.”
Metros See Major Increase in Reductions
Cities in the Great Plains experienced some of the largest surges in price reductions compared to the previous month with Omaha increasing by 62 percent and Tulsa by 27 percent. Southern California wasn’t spared either from large spikes in price reductions: San Diego increased by 39 percent and Long Beach by 22 percent. The following U.S. cities experienced the biggest increases in price reductions from April 1, 2010 to May 1, 2010:
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