The crash of oil prices has harmed Midland, Texas, where 34.9 percent of homes on the market saw price reductions last year.
Realtor.com named the top 10 cities where buyers can get a home at a discount. Price reductions shouldn’t be conflated with affordability, though. Cities all over the price range, from red-hot San Diego and Denver down to Baltimore and Springfield, Ill., have cut prices this year.
“Despite the fact that home prices are now setting new records in most of the country, price reductions on listed homes are quite common,” says Jonathan Smoke, Realtor.com‘s chief economist. “A price reduction can happen for lots of reasons, including adjusting an unrealistic initial price, a new sense of urgency, or motivation by a seller, or declining market trends.”
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