SAN FRANCISCO, June 5, 2009 – Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced that 23.6 percent of current homes on the market in the United States have experienced at least one price cut, totaling $27.4 billion in reductions. The average price-reduced home has seen a listing price reduction of 10.6 percent.
Major metropolitan areas continue to be hit hard by price reductions. Of the top 50 cities in the U.S. based on population, 33 have seen 25 percent or more of home listings reduced in price, higher than the national average of 23.6 percent. U.S. cities that have seen at least 30 percent of homes reduced in price include:
• Jacksonville, Florida – 36 percent
• Tucson, Arizona – 32 percent
• Boston, Massachusetts – 32 percent
• Los Angeles, California – 32 percent
• Columbus, Ohio – 31 percent
• Dallas, Texas – 31 percent
• Honolulu, Hawaii – 31 percent
• Minneapolis, Minnesota – 31 percent
• Austin, Texas – 30 percent
• Washington, DC – 30 percent
• Baltimore, Maryland – 30 percent
• Las Vegas, Nevada – 30 percent
“Summer time is the peak season for buying and selling, and with some of the lowest prices in the last decade, we expect to it be a busy season,” said Pete Flint, Trulia co-founder and CEO. “Everyone wants to think they are getting the best deal available and price reductions are helping to spark a renewed interest in the U.S. real estate market.”
The Foreclosure Effect
The national average for price reductions on current home listings is 10.6 percent, but sellers in the areas hardest hit by foreclosures are slashing prices the most. Detroit home owners on average reduce their homes by 23 percent, while Las Vegas sellers reduce their homes by 16 percent and Miami sellers reduce their homes by 15 percent. Phoenix and Mesa are also experiencing deep price reductions with 13 percent slashed off the original listing price.
Luxury Market Getting Hit Hard
24 percent of homes with a selling price greater than $2 million are seeing price reductions compared to 23.6 percent of homes on the market for the less than $2 million. While the percentage of homes seeing discounts are almost identical, discounts on luxury homes are significantly more with 14.3 percent being slashed off the original listing price compared to only 9.7 percent of homes under the $2 million dollar price tag.
Top 50 Cities Ranked By Highest Percentage of Price Reductions
Trulia Price Reductions
Trulia is the first and only national real estate site to provide consumers with the ability to use price reductions as a search filter in their quest to find a deal in today’s market. Trulia’s Price Reduction feature can be accessed from the Trulia homepage and is deeply integrated into the existing search experience on the search results page and via the advanced search tab. Detailed information regarding multiple price reductions and prior sold data is now available on each property listing page.
Providing home buyers with access to price reduction data will help them be better informed as they decide which home to purchase and will help ensure consumers get the most home for their dollar. It will also help home sellers price their homes competitively as more homes come onto the market.
Charts are available for download at: http://www.trulia.com/info/june09pricereductions
Customized data is available for the media by contacting firstname.lastname@example.org
Methodology: All price change data is from live listings on Trulia.com, as of June 1, 2009 and tracks all price reductions from June 1, 2008 to June 1, 2009. This data does not include foreclosure properties. Trulia obtains its listing information from brokers, agents, third party aggregators and MLSs. The percentage of listings with price reductions includes any non-foreclosure property on Trulia.com that has experienced at least one price reduction since it was first posted on the site. The city level data is for listings within the city boundary, and not for metro areas.
Additional charts for download
About Trulia, Inc.
Trulia, Inc., has revolutionized real estate search by offering a rich, intuitive user experience to help consumers find homes for sale, track local price trends, compare properties and neighborhood data all at the hyper-local level. Trulia Voices, the largest real estate community on the web, allows home buyers, sellers, agents and real estate enthusiasts to ask questions, receive advice and blog on topics such as the buying and selling process, foreclosures, refinancing and more. Trulia’s user-friendly search can also be accessed on more than 170 websites as a result of our media partnerships. Trulia has received a number of awards, including the 2009 Webby Award for real estate. For more information, visit http://www.trulia.com/.
Ken Shuman, email@example.com, 415-517-7211 or
Paul Loeffler for Trulia, firstname.lastname@example.org, 510-593-6765