Home Price Reductions

Wednesday, January 13, 2010 - By Gate Arty

Trulia.com has reported that 21% of the existing housing inventory has had a least one price reduction during its time on the market. The good news is that figure has decreased 2 straight months now. The South leads the nation with 20% of homes seeing price reductions. The luxury home market has been affected the most. Luxury homes are defined as homes listed over $2 million (by Trulia). The average price cut on these homes is 15%. In comparison, homes under $2 million, have been reduced an average of 10%. While luxury homes make up just 2% of the total listings currently, they make up 24% of the total dollar value of price reductions.

Tags: housing value, luxury homes, price reduction, real estate