Falling home prices could benefit movers

Many large U.S. cities are watching homes sell at declining prices, a trend that could spur homebuying and relocation, said a real estate expert.

Trulia.com tracked the cost of buying property in 50 cities across the country and found that 22 experienced discounts of 30 percent or more. In total, about $27.3 billion was cut from the nation's home prices and about 24 percent of current real estate listings had their costs cut at least once, said the report. The average discount on a home nationwide is 10 percent.

In Minneapolis, about 40 percent of home listings saw at least one price cut, said Trulia.com. The city is tops in the nation for falling home prices, cutting about $30.1 million in total from listings and with an average discount of 9 percent.

That means consumer have the advantage when looking for a new home to buy. "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.com CEO Pete Flint.

Record-low mortgage rates provide another benefit to Americans shopping for a new home to move to.



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