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HOME PRICE REDUCTION LEVELS STAY ABOVE 25 PERCENT FOR THE FOURTH CONSECUTIVE MONTH ACCORDING TO TRULIA’S OCTOBER PRICE REDUCTION REPORT

Northeast Leads Country in Price Reductions for Month of October with Nearly One of Every Three Homes in Region Cutting Asking Prices

SAN FRANCISCO, October 8, 2009 – Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced that 25.6 percent of homes currently on the market in the United States as of October 1, 2009 have experienced at least one price cut. More than one in four current listings on Trulia have been reduced in price for the fourth straight month. The total amount slashed from home prices is $28.4 billion, a $967 million increase from June 2009. The average discount for price-reduced homes continues to hold steady at ten percent off of the original listing price. 

Northeast with most homes reduced; West sees biggest cuts

Five of the ten states with the highest percentage of homes with price reductions are in the Northeast— Massachusetts, Rhode Island, Connecticut, New Hampshire and New Jersey.  One in three homes in these states has cut their list price at least once. Seven of the ten states leading the country with the biggest listing price cuts are in the West, where heavy foreclosures have taken their toll.  In Nevada, Idaho, Arizona, Wyoming, Hawaii, Utah and California, cuts are an average of 13 percent off the original list price.  Of the $28.4 billion slashed nationally, New York, California and Florida account for 35 percent of the total value of reductions.

Report Findings

 

For the first time in four months, Jacksonville no longer holds the top spot for highest level of home price reductions: Memphis replaced Jacksonville with 36 percent of current listings experiencing at least one round of discounts. Several cities continue to see high levels of cuts on home prices with Indianapolis, Milwaukee, Minneapolis, Portland and Raleigh, all earning a place in the top ten for the third consecutive month.

“Interest in real estate typically wanes at the end of the year, which means that sellers who didn’t aggressively price their homes may find themselves making difficult decisions to reduce their prices or delay the sale until interest piques again in January,” said Pete Flint, Trulia co-founder and CEO.  “We are seeing the beginning of this trend in the Northeast and Western United States with discounting happening at all price points, and expect it to continue.”

Cities experiencing significant increases in percentage of listings with price reductions from June 2009 to October 2009 include: 

·         Kansas City, MO – 50% increase in price reductions

·         Colorado Springs, CO – 32% increase in price reductions

·         Louisville, KY – 27% increase in price reductions

·         Indianapolis, IN – 27% increase in price reductions

·         Portland, OR – 25% increase in price reductions

·         Oklahoma City, OK – 24% increase in price reductions

·         Memphis, TN – 24% increase in price reductions

·         Tulsa, OK – 23% increase in price reductions

·         Milwaukee, WI – 22% increase in price reductions

·         Arlington, VA – 22% increase in price reductions

 

Cities showing signs the highest percentage of declines for listings with price reductions from June 2009 to October 2009 include:

·         San Antonio, TX – 37% decrease in price reductions

·         Las Vegas, NV – 36% decrease in price reductions

·         Oakland, CA – 17% decrease in price reductions

·         San Jose, CA – 16% decrease in price reductions

·         Los Angeles, CA – 14% decrease in price reductions

·         Honolulu, HI – 11% decrease in price reductions

·         Long Beach, CA – 11% decrease in price reductions

·         Dallas, TX – 11% decrease in price reductions

·         Washington D.C. – 10% decrease in price reductions

·         New York, NY – 9% decrease in price reductions

Luxury Market Not Immune

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 less than two percent of all current listings on Trulia, but are responsible for 25 percent of the $28.4 billion in home price reductions.

 October Price Reductions – Top 50 U.S. Cities

Rank

City

State

Percent of Listings with Price Reductions

 Average Reduction (%)

Total Amount of Reductions

1

Memphis

TN

36%

9%

 $          27,048,295

2

Minneapolis

MN

36%

9%

 $          26,925,756

3

Portland

OR

36%

9%

 $          58,329,873

4

Indianapolis

IN

36%

8%

 $          35,428,503

5

Baltimore

MD

36%

11%

 $          44,480,261

6

Milwaukee

WI

35%

9%

 $          19,047,006

7

Jacksonville

FL

35%

11%

 $        104,019,823

8

Tucson

AZ

34%

11%

 $          71,285,454

9

Raleigh

NC

33%

7%

 $          44,580,508

10

Boston

MA

33%

8%

 $          45,619,224

11

Columbus

OH

33%

8%

 $          17,343,846

12

Seattle

WA

31%

8%

 $          64,987,200

13

Charlotte

NC

31%

9%

 $        106,244,826

14

Kansas City

MO

31%

8%

 $          24,698,412

15

Albuquerque

NM

30%

8%

 $          26,936,075

16

Chicago

IL

30%

9%

 $        210,705,118

17

Atlanta

GA

29%

11%

 $        190,220,820

18

Colorado Springs

CO

29%

7%

 $          29,348,550

19

Austin

TX

29%

9%

 $        104,327,580

20

Dallas

TX

28%

7%

 $          78,988,388

21

Tulsa

OK

28%

6%

 $          12,859,875

22

Honolulu

HI

28%

10%

 $          42,826,490

23

Nashville

TN

28%

7%

 $          29,959,106

24

Philadelphia

PA

27%

9%

 $          57,167,124

25

San Francisco

CA

27%

10%

 $          68,841,603

26

Omaha

NE

27%

6%

 $          14,511,252

27

Washington

DC

27%

10%

 $          68,321,587

28

Phoenix

AZ

27%

13%

 $        102,105,905

29

Los Angeles

CA

27%

12%

 $        281,941,920

30

New York

NY

27%

13%

 $        716,758,762

31

Sacramento

CA

26%

11%

 $          18,768,120

32

Cleveland

OH

26%

12%

 $          11,193,888

33

Mesa

AZ

26%

14%

 $          26,088,525

34

Virginia Beach

VA

26%

8%

 $          34,708,902

35

Louisville

KY

26%

7%

 $          12,962,532

36

Oklahoma City

OK

26%

7%

 $          10,479,932

37

Miami

FL

26%

15%

 $        215,268,441

38

Long Beach

CA

25%

10%

 $          26,021,307

39

Arlington

TX

22%

6%

 $             4,849,236

40

San Jose

CA

22%

8%

 $          24,416,386

41

Oakland

CA

22%

10%

 $             9,707,016

42

El Paso

TX

22%

8%

 $          18,460,260

43

Denver

CO

22%

9%

 $          50,467,081

44

Fort Worth

TX

21%

8%

 $          21,801,702

45

San Diego

CA

20%

9%

 $          48,435,840

46

Las Vegas

NV

19%

16%

 $        154,008,756

47

Detroit

MI

18%

25%

 $          11,956,168

48

Houston

TX

17%

6%

 $          69,046,794

49

San Antonio

TX

14%

7%

 $          35,460,120

50

Fresno

CA

14%

12%

 $             5,706,960

 

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 October 1, 2009 and tracks all price reductions from October 1, 2008 to October 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 2008 People’s Voice Webby Award in the real estate category. For more information, visit http://www.trulia.com/.

 Media Contact:

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


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