By Lynn Adler
NEW YORK (Reuters) – Sellers cut prices on nearly one quarter of U.S. homes listed in June, an increase from May, showing buyers still call the shots in the U.S. housing market, real estate website Trulia.com said on Wednesday.
Sellers lowered asking prices at least once on 24 percent of homes listed as of July 1 compared with 22 percent the prior month, Trulia said in a report provided to Reuters before official release.
More job creation and employment security are needed for a sustained rebound, San Francisco-based Trulia said. Swelling inventory, under the weight of record foreclosures and typical summer selling, remains a formidable obstacle.
“We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season,” said Trulia Chief Executive Pete Flint.
Home buying demand came to a screeching halt after the April 30 deadline to sign contracts for up to $8,000 in tax credits.
Applications to purchase houses sank to 13-year lows, according to the Mortgage Bankers Association, as the spring race for tax credits stole from summer sales.
“The slow start to the summer season is creating major concern that we are heading toward a double-dip in the second half of this year” in the housing market, Flint said in a statement.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on www.DeepCreekAlive.com!
