According to the National Association of Realtors, existing sales fell 3% in March. Sales over the previous 12 months are down more than 7%.
It’s Economics 101: with lower demand comes lower prices. We’ve known that real estate prices and home values have been falling for a while, but now with Trulia’s new tool to search by price reduction, we can get more clarity into listing price reductions. And the reductions are many.
More than one quarter of homes for sale have had at least one price reduction since the initial listing. Across 15 major cities, including New York City, Chicago, Los Angeles, Boston and Atlanta, the average price reduction for homes ranged from $20,000 to $295,000.
So what does this mean for buyers? Inventories are at an all-time high, and you want to feel like you’re getting the best possible deal. Trulia’s new price reduction tool enbles home searchers to see new reductions in their neighborhood. So whether the properties have been reduced by 4% or 14%, buyers know exactly what they’re getting.