The graphic above was clipped from the Trulia Blog, which has taken to posting reports on price reductions for various markets. Minneapolis – taken to mean the Twin Cities metro – has placed in the top five for percentage of homes for sale that have seen a price reduction for two straight months, we learn.
Price reductions here are cast as a leading indicator of further price declines, so to the extent we can surmise that home prices remain under pressure, this is your evidence. Either that, or Minneapolis home sellers are altogether to optimistic in the first place, but quick to recongize their mistake.
Market wide, this is a 9%, or $25 Million dollar price cut from August 1 to August 14.
August price reduction report [Trulia]