More than a quarter of homes on the market as of October 1 have had their listing prices reduced at least once, according to a report released Thursday by real estate website Trulia. In an effort to unload their properties into the still-slumping market, these homeowners dropped listing prices by an average of 10 percent. All told, sellers with listings on Trulia have reduced asking prices by roughly $1 billion since June.
Pete Flint, Trulia's co-founder and CEO, says seasonality may be a factor in the development. “Interest in real estate typically wanes at the end of the year, which means that sellers who didn’t aggressively price their homes may find themselves making difficult decisions to reduce their prices or delay the sale until interest piques again in January,” Flint said in a statement accompanying the release. “We are seeing the beginning of this trend in the Northeast and Western United States with discounting happening at all price points, and expect it to continue.”
Here is a look at the ten housing markets with the highest percentage of reduced-price listings:
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