A third of homes listed for sale in the Boston area cut the sale price, putting the local market in the top 10 nationwide in terms of the percentage of listings with price reductions, according to real estate tracker Trulia.
In Boston, 33 percent of homes on the market reduced prices an average 7 percent. The total amount of reductions is estimated at $40.6 million, according to Trulia.
As of Nov. 1, more than 25 percent of homes on the market nationwide have cut the sale price during the past year, Trulia reported.
The Northeast has the highest level of price reductions, with 29 percent of current listings cutting the price at least once. In Massachusetts, Connecticut, Rhode Island and New Hampshire more than 30 percent of listings slashed prices.
Other major cities with a high percentage of price reductions include Minneapolis, Milwaukee, Baltimore, Portland, Memphis and Jacksonville.
File Under: How low will it go.