priceIn a ranking of the most populous American cities, Boston came in sixth for the most homes that experienced a price reduction in December, according to a recent report from Trulia.

In December, 37 percent of Boston homes listed on Trulia experienced a price reduction, compared to the 35 percent in December 2009, according to the report. The average price was reduced by 8 percent.

Boston was beat out in price reductions by Minneapolis, Minn.; Mesa, Phoenix and Tuscon, Ariz.; and Baltimore, Md. Nationally, 27 percent of homes experienced at least one price cut, compared to the 22 percent the same time last year, according to the report. The average price reduction was 11 percent in a year-over-year comparison, although prices have risen by 10 percent since last month.

"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 of Trulia. "As I said in the beginning of the year, job creation will be the strongest indicator that the housing market is turning around."

Nearly 40 Percent Of Boston Homes Experienced Price Reductions

by Banker & Tradesman time to read: 1 min
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