A recent report found 26 percent of homes listed for sale nationwide experienced at least one price reduction in September, an increase compared with August, according to Trulia.com. The average discount for price-reduced homes remained unchanged at 10 percent of the listing price.
In California, price reductions have increased steadily since the federal home buyer tax credit expired on April 30. Despite this, seven of the state’s eight largest cities – Oakland, San Jose, Los Angeles, San Diego, San Francisco, Sacramento, Fresno, and Long Beach – report price reductions figures below or in line with the national average. Furthermore, five California cities –Oakland, San Jose, Los Angeles, San Francisco, and Sacramento – show improvement when compared with data captured one year earlier.
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