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Falling summer home prices could spur more moves

Summer price reductions could result in a busier moving season.

Summer price reductions could result in a busier moving season.

With nearly one-quarter of all homes for sale throughout the country marking down their prices, it's quite possible that this could be a busier-than-average summer moving season.

Real estate website Trulia.com found that by July 1, at least one price reduction had occurred for 24 percent of the residences currently listed on the market. This is 9 percent more homes with dropping asking prices than the previous month.

Trulia's report found that the average home with a reduced price was asking 10 percent less than what was originally listed. This represents $27.3 billion in savings.

Pete Flint, Trulia co-founder and CEO, said that "sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb. We're seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season."

Some areas of the country with the biggest price cuts in homes include Virginia Beach, Omaha and San Antonio.

Before moving and buying a new home, consumers should also look into the costs associated with homeowners insurance and utilities.ADNFCR-3450-ID-19892563-ADNFCR