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Phoenix leads nation in price reductions

January 14, 2011 - New data shows buyers looking for bargain-priced homes should consider moving to Phoenix.

That city led the nation in price cuts in December, according to the latest findings from ZipRealty. The data firm reported that 56 percent of the homes on the market in Phoenix experienced at least one price cut during the month of December, well above the national average of 47.16 percent. Savings could also be found in Jacksonville, where 55.3 percent of the inventory was price-reduced, and Minneapolis/St. Paul, at 51.6 percent. Chicago and Baltimore also saw cuts on more than 50 percent of their home listings.

Total housing inventory for the 26 markets ZipRealty surveyed dropped 5.3 percent from the previous month, while the supply of price-reduced homes in those areas declined 7.7 percent.

"December is traditionally a slow month for home sales, and this could be a contributing factor to the decline over the previous two months in inventory as well as the drop in median list price," said John Oldham, director of marketing for ZipRealty.

Other reports showed the affect price reductions had on relocating families heading to Phoenix. According to MDA DataQuick, Phoenix home sales climbed 2 percent in November from the previous month.
 

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