In the market for a price reduction? Who isn’t?! Home prices are still up by double digits in most U.S. markets, but analysts from Realtor.com did identify 10 cities with the largest percentage of price reductions last month.
Not surprisingly, no California cities cracked that top 10 list.
“In our July data, about 45 cities from the top 300 largest showed an increase in the number of homes with price cuts,” said Realtor.com Senior Economist George Ratiu. “For buyers, these trends hold the promise of a less frenzied market, with more choice and better prices.”
Des Moines, Iowa came in at no. 1, with 32 percent of homes listed making price cuts. The median list price for Des Moines in July: $193,050. Midland, Texas was close behind with 28 percent of homes cutting their price. However, Texas’ generally hot housing market is keeping the western city of Midland at a median listing price of $330,050.
Toledo, Ohio; Metairie, Louisiana; and Philadelphia round out the top five, with 26 percent, 24 percent, and 22 percent of respective homes slashing prices last month. Of the top five markets experiencing the largest percentage of price cuts, New Orleans-neighboring Metairie has the highest median listing price at $359,050.
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