In the first half of 2010, cities in the Western U.S. were experiencing a decrease in reductions. This month, the same cities experienced some of the largest surges in price reductions compared to the previous month. A recent report found 24 percent of homes listed for sale nationwide experienced at least one price reduction as of July 1, representing a 9-percent increase compared with the previous month, according to Trulia.com. The average discount for price-reduced homes remained unchanged at 10 percent of the listing price.
Cities in the Western U.S. experienced some of the largest surges in price reduction compared with the previous month. Los Angeles was #38 on the list of the top 50, and experienced a 23 percent increase in reductions from the previous month and an average price reduction of 11 percent. Price reduction levels for luxury homes (those listed at $2 million and above) continue to provide large discounts with an average of 14 percent off of the original listing price. The average discount for homes priced less than $2 million remains at 9 percent.
List courtesy of Trulia.com