[Trulia] Price Reduction Report – December 2010
Posted by Jonathan J. Miller -Wednesday, December 15, 2010, 10:32 PM
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Trulia released its Price Reduction Report for December 2010.
…“The homebuyer tax credit successfully created an impactful short-term demand which temporarily stabilized prices, but stopped short of being a true spark for real estate recovery,” said Pete Flint, co-founder and CEO, Trulia. “As I said in the beginning of the year, job creation will be the strongest indicator that the housing market is turning around. Looking at the latest unemployment rate which rose to 9.8 percent this month, we expect prices will continue to decline between five and seven percent nationally especially in the first of half of 2011.”…
Here’s a pretty cool chart feature on truliablog’s post of the report results.
Pete’s comments are right on point. The housing market seems to be exiting the tax credit era weaker than when it started, not supported by the underwhelming economy.
Here are the top 5 cities with highest number of price reductions
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It’s interesting because in the top 50 cities, the 27% average price deduction is well below the midpoint – now between the 36th and 37th cities. I’m guessing that New York, the largest market with a below average reduction rate of 25%, is pulling the midpoint lower?
Cities below the 50-city average
[click to open full list]
December 2010 Trulia Home Price Reduction Report [Trulia.com]
