According to statistics from Trulia, the number of homes with price cuts has risen to 26 percent - the highest level in 11 months. It was also the third consecutive month in which the number of price cuts increased. But still, officials said that the degree of price cuts was improving, and brought signs of optimism.
"Nationwide, sellers continue to slash prices and this is a worrisome trend," said Pete Flint, co-founder and CEO, Trulia. "However, we're seeing gradual improvement in many U.S. cities - several for consecutive months. What this shows us is that while we're in for a long climb to bring stability back to the housing market and while it's going to take time, that climb appears to at least be underway in some parts of the country."
The average price reduction nationwide was approximately 10 percent, or just under $34,000.
Part of of the driving force behind these price cuts is the large inventory of available homes. The National Association of Realtors said last month that the market had a 12.5 month supply of homes - more than double the level in a healthy housing market.
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