News Room
Media Contact

Have questions? For the quickest response, email pr@trulia.com. We're helpful, smart and good looking.

Multimedia

Download the latest Trulia product screenshots, b-roll, logos, and executive
headshots here.

Press Releases

HOME PRICE REDUCTION LEVELS RISE FOR FOURTH STRAIGHT MONTH ACCORDING TO TRULIA’S SEPTEMBER PRICE REDUCTION REPORT

Sellers Across the Country Not Adjusting Expectations to the Reality of Today’s Real Estate Market

 

SAN FRANCISCO, September 11, 2009 – Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced that 26 percent of homes currently on the market in the United States as of September 1, 2009 have experienced at least one price cut. Price reduction levels have increased for the fourth straight month and have seen a 10 percent overall increase compared to June of this year. During the summer months of June to September, the total amount slashed from home prices has increased by more than $1.1 billion from $27.4 billion to $28.5 billion. The average discount for price-reduced homes remains at ten percent off of the original listing price.

Jacksonville experienced the highest level of price reductions for the fourth straight month with 37 percent of current listings seeing at least one round of discounts. Additionally, several cities continue to experience high levels of price reductions with Albuquerque, Indianapolis, Milwaukee Minneapolis, Portland and Raleigh all earning spots in the top ten for the second straight month.

"The steady rise in price reductions is a signal that sellers are still trying to adjust to the ever changing market conditions,” said Pete Flint, Trulia co-founder and CEO. “We expect the $8,000 federal tax incentive to extend the peak home purchasing season beyond the summer months, continuing to drive  competition amongst sellers and ultimately leading to more price reductions, giving consumers a great opportunity to find the home of their dreams.”

Several cities have seen four consecutive months where the percent of homes that have seen a price reduction has increased month-over-month, underscoring that sellers across the country might not be fully adjusting their home value expectations to the current real estate market:

City

June

July

August

September

Kansas City

20%

23%

25%

28%

Colorado Springs

22%

24%

28%

30%

Omaha

23%

26%

27%

28%

Atlanta

25%

26%

28%

29%

Indianapolis

28%

30%

32%

34%

Memphis

29%

30%

32%

35%

Milwaukee

29%

33%

34%

36%

Raleigh

29%

31%

32%

34%

Fourteen of the largest 50 cities are seeing reduction rates that are significantly above the national average of 26 percent:

Jacksonville

FL

37%

Milwaukee

WI

36%

Portland

OR

35%

Memphis

TN

35%

Baltimore

MD

34%

Indianapolis

IN

34%

Minneapolis

MN

34%

Raleigh

NC

34%

Albuquerque

NM

33%

Columbus

OH

33%

Chicago

IL

33%

Tucson

AZ

33%

Boston

MA

33%

Seattle

WA

33%

 

Luxury Market Getting Hit Hard

Luxury homes (those listed at two million dollars and above) continue to bear the brunt of discounts being offered with an average of 14 percent being slashed from the original asking price compared to the national average of ten percent. Additionally, luxury homes represent barely two percent of all current listings on Trulia, but are responsible for 25 percent of the $28.5 billion in home price reductions.

 

September Price Reductions – Top 50 U.S. Cities

Rank

City

State

Percent of Listings with Price Reductions

 Average Reduction (%)

Total Amount of Reductions

1

Jacksonville

FL

37%

11%

$110,127,423

2

Milwaukee

WI

36%

8%

$20,423,004

3

Portland

OR

35%

9%

$60,322,535

4

Memphis

TN

35%

9%

$26,055,526

5

Baltimore

MD

34%

11%

$43,037,982

6

Indianapolis

IN

34%

8%

$36,126,552

7

Minneapolis

MN

34%

9%

$24,742,480

8

Raleigh

NC

34%

7%

$47,154,736

9

Albuquerque

NM

33%

7%

$26,148,130

10

Columbus

OH

33%

9%

$18,375,300

11

Chicago

IL

33%

9%

$246,153,312

12

Tucson

AZ

33%

11%

$72,521,294

13

Boston

MA

33%

8%

$46,192,676

14

Seattle

WA

33%

8%

$66,243,015

15

Charlotte

NC

31%

9%

$102,786,908

16

Austin

TX

31%

8%

$116,765,000

17

Colorado Springs

CO

30%

7%

$32,073,580

18

Honolulu

HI

30%

9%

$46,078,115

19

Atlanta

GA

29%

11%

$190,829,760

20

New York

NY

28%

13%

$894,065,642

21

San Francisco

CA

28%

10%

$65,617,180

22

Omaha

NE

28%

6%

$12,733,344

23

Kansas City

MO

28%

8%

$23,262,720

24

Miami

FL

27%

15%

$225,970,635

25

Washington

DC

26%

10%

$61,233,215

26

Mesa

AZ

26%

13%

$24,919,996

27

Philadelphia

PA

26%

9%

$52,092,370

28

Los Angeles

CA

26%

12%

$255,057,208

29

Tulsa

OK

26%

6%

$12,123,162

30

Phoenix

AZ

26%

13%

$99,680,306

31

Sacramento

CA

26%

10%

$17,769,621

32

San Jose

CA

26%

8%

$29,321,270

33

Oklahoma City

OK

25%

6%

$9,583,616

34

Cleveland

OH

25%

12%

$10,614,086

35

Long Beach

CA

25%

11%

$29,173,960

36

Virginia Beach

VA

25%

8%

$31,416,968

37

Nashville

TN

23%

7%

$26,319,460

38

Dallas

TX

23%

8%

$81,458,720

39

Arlington

TX

23%

6%

$5,757,896

40

Oakland

CA

22%

10%

$10,212,718

41

Louisville

KY

22%

6%

$8,675,643

42

El Paso

TX

21%

7%

$14,449,218

43

Las Vegas

NV

21%

16%

$164,757,120

44

Denver

CO

21%

10%

$58,441,958

45

San Diego

CA

20%

10%

$73,114,406

46

Fresno

CA

20%

10%

$7,564,908

47

San Antonio

TX

19%

7%

$41,272,294

48

Detroit

MI

19%

23%

$10,217,852

49

Fort Worth

TX

18%

8%

$17,311,698

50

Houston

TX

10%

7%

$44,480,784

 

Customized data for every state, county, city and ZIP across the US is available for the media by contacting pr@trulia.com

 

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 across all 50 states. 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.

 

Methodology:  All price change data is from live listings on Trulia.com, as of September 1, 2009 and tracks all price reductions from September 1, 2008 to September 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.

 

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/.

 

Media Contact:

Ken Shuman, kshuman@trulia.com, 415-517-7211 or

Paul Loeffler for Trulia, paul@sutherlandgold.com, 510-593-6765


 Print    Email                      RSS
Residential Real Estate
The best place to start your real estate Search

Trulia is an all-in-one real estate site that gives you the local scoop about homes for sale, apartments for rent, neighborhood insights, and real estate markets and trends to help you figure out exactly what, where, and when to buy, sell, or rent. You can also find a real estate agent, view prices of recently sold homes, and see home values in your community. Get advice and opinions from local real estate agents, brokers, and other local experts on Trulia Voices, Trulia's online real estate community.

Have a question? Visit our Help Center to find the answer