According to a report released by ZipRealty there were 15,137 more homes listed for sale nationwide with reduced prices in April which is a 6.22 percent increase from March. This may have been fueled by sellers trying to entice buyer’s to act before the homebuyer tax credit expired April 30th.
The survey also showed that the number of homes for sale in markets surveyed decreased by 2 percent in the days immediately following the expiration of the tax credit,from April 30th to may 3rd.
“This decrease in inventory,coupled with the significant increase in price reductions,suggests that the federal tax credit may have motivated buyers and sellers to sign contracts before the April 30 deadline,”said Leslie Tyler,Vice President of Marketing for ZipRealty.
National Highlights from the survey include:
- Almost 42 percent of the more than 618,000 home listings surveyed had at least one price reduction in April,up more than 3 percent from March
- While there were more homes with reduced prices for sale in April,home sellers on average reduced their original list prices by 3 percent less than they did the month prior,or $19,446 in April compared to $20,200 in March
- The median list price across all 26 markets increased slightly to $267,415,up about 1 percent compared to March
Local-market highlights include:
- Home sellers in South Florida (Miami/Ft. Lauderdale/Palm Beach) had the largest price reduction percentage,compared to the original list price,at 13.38 percent on average,or a median price reduction of $30,900
- Home sellers in Denver,Colo.,reduced prices by the smallest percentage,compared to the original list price,at 3.92 percent (a decrease of 1 percent compared to March),or a median price reduction of $11,000
- Markets with the lowest percentage of price-reduced MLS-listed homes in April were Denver,Colo.,(28.9 percent),San Francisco,Calif.,(33.5 percent) and Los Angeles,Calif.,(34.4 percent)
- One in every two home listings in Jacksonville,Fla.,(50.3 percent) and Phoenix,Ariz.,(50.1 percent) had at least one price reduction in April
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