Looking for a real estate bargain? Price-reduced homes are available on average at 10 percent off their original listing price and this month, according to the real estate site Trulia, sellers nationwide slashed home prices by an aggregate $26.7 billion.
Nevertheless, it's a real estate market that is still fraught with risks. New home sales plummeted in May to the slowest rate since the Commerce Department began tracking data in 1963.
Cities in the Midwest and South experienced the highest percentage increases in home price reductions year-over-year, according to Trulia's June Price Reduction report. With sellers starting to feel the summer heat, cities like Milwaukee and Jacksonville, Florida slashed prices on 36 percent and 30 percent of listed homes, respectively.
The price markdowns are also most prominent amongst luxury homes ($2 million and above), which account for less than 2 percent of national inventory but almost 25 percent of the total dollars slashed off all the homes for sale.
Which cities saw the greatest amount of home sellers slashing prices? Check out Trulia's list below: