US property search engine trulia.com is promoting its recently added price reduction tool in light of US housing market figures.
According to a statement from the website, 23.6 percent of homes on the US market have experienced at least one price cut, bringing the total cost of reductions to US$27.4 billion. The data includes all properties that have undergone at least one price reduction from 1 June, 2008 to 1 June, 2009, excluding foreclosure properties.
The website also states that the average price-reduced home has seen a listing price reduction of 10.6 percent. The city with the highest percentage of price reductions was Jacksonville at 36 percent, followed by Tuscon and Boston, both at 32 percent.
trulia.com’s price reduction search tool details the amount and percentage of a reduction along with average listing and sale prices for the area. The tool was added in April this year. Other real estate websites currently including price reductions in their search include redfin.com and ziprealty.com.