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HOME PRICE REDUCTIONS INCREASE BY 10 PERCENT NATIONALLY AS FEDERAL TAX CREDIT EXPIRES ACCORDING TO TRULIA’S MAY 2010 PRICE REDUCTION REPORT

Price Levels for Luxury Homes in U.S. Unaffected by Tax Credit

SAN FRANCISCO, May 12, 2010Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 22 percent of listings currently on the market in the United States as of May 1, 2010 experienced at least one price reduction. This represents a 10 percent increase from the previous month. The total dollar amount slashed from home prices was $25 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.

 

“With more than a year of the federal government’s involvement, we are now re-entering the free market system. As we readjust to the free market, we expect to hit turbulence in some markets,” says Pete Flint, Trulia co-founder and CEO. “We won’t know the true severity of the tax credit expiration until the conclusion of the peak home buying season in the summer months. Only then will we have a better sense if the U.S. housing market can stand on its own two feet.”

 

Metros See Major Increase in Reductions

Cities in the Great Plains experienced some of the largest surges in price reductions compared to the previous month with Omaha increasing by 62 percent and Tulsa by 27 percent. Southern California wasn’t spared either from large spikes in price reductions: San Diego increased by 39 percent and Long Beach by 22 percent. The following U.S. cities experienced the biggest increases in price reductions from April 1, 2010 to May 1, 2010:

 

City

State

May 2010

April 2010

% Increase

Omaha

NE

25%

15%

62%

San Diego

CA

17%

12%

39%

Tulsa

OK

26%

20%

27%

Minneapolis

MN

40%

32%

26%

Long Beach

CA

28%

23%

22%

Raleigh

NC

28%

24%

20%

Nashville

TN

30%

25%

19%

Boston

MA

31%

26%

19%

Baltimore

MD

35%

29%

19%

Kansas City

MO

31%

26%

19%

 

Twelve of the top 50 cities across the U.S. saw price reduction levels at 30 percent or more, compared to just five cities in the previous month. Minneapolis led the way in May 2010 with 40 percent of its home listings experiencing at least one price cut. The last time Minneapolis reached the 40 percent mark was in December 2009. No other major U.S. city has managed to reach 40 percent since Trulia first started tracking home price reductions in April 2009. Cities with price reduction levels 30 percent or greater include:

 

Rank

City

State

% of Listings with Price Reductions

Average Reduction

(%)

1

Minneapolis

MN

40%

8%

2

Milwaukee

WI

37%

9%

3

Baltimore

MD

35%

11%

4

Phoenix

AZ

33%

13%

5

Dallas

TX

32%

9%

6

Jacksonville

FL

31%

11%

7

Mesa

AZ

31%

12%

8

Kansas City

MO

31%

8%

9

Boston

MA

31%

6%

10

Columbus

OH

30%

8%

11

Cleveland

OH

30%

12%

12

Nashville

TN

30%

8%

 

 

Luxury Market Unfazed by Tax Credit Incentive

Price reduction levels for luxury homes (those listed at $2 million and above) continues to hold steady from last month with an average discount of 14% in price reductions. The average discount for homes priced less than $2 million remains at 9 percent.

 

May 2010 Price Reductions - Top 50 U.S. cities based on population: download full chart

 

Rank

City

State

% of Listings with Price Reductions

Average Reduction (%)

Total Amount of Reductions

1

Minneapolis

MN

40%

8%

$25,268,688

2

Milwaukee

WI

37%

9%

$21,623,206

3

Baltimore

MD

35%

11%

 $43,578,980

4

Phoenix

AZ

33%

13%

 $107,164,881

5

Dallas

TX

32%

9%

 $126,949,044

6

Jacksonville

FL

31%

11%

 $81,957,888

7

Mesa

AZ

31%

12%

$28,850,675

8

Kansas City

MO

31%

8%

$30,282,505

9

Boston

MA

31%

6%

$38,008,854

10

Columbus

OH

30%

8%

$16,126,086

11

Cleveland

OH

30%

12%

$13,041,390

12

Nashville

TN

30%

8%

 $41,183,979

13

Raleigh

NC

28%

7%

$33,955,076

14

Long Beach

CA

28%

9%

 $25,026,954

15

Tucson

AZ

28%

10%

$62,779,455

16

Chicago

IL

28%

8%

 $183,730,992

17

Portland

OR

28%

8%

 $37,852,892

18

Memphis

TN

27%

9%

 $21,830,865

19

Albuquerque

NM

27%

7%

 $26,823,936

20

Indianapolis

IN

27%

7%

$26,645,664

21

Seattle

WA

26%

9%

$60,173,750

22

Louisville

KY

26%

7%

 $13,597,926

23

Tulsa

OK

26%

6%

 $12,574,320

24

Washington

DC

26%

10%

 $63,537,402

25

Arlington

TX

26%

7%

 $6,656,625

26

Virginia Beach

VA

25%

7%

 $30,728,700

27

Philadelphia

PA

22%

8%

 $60,450,482

28

Omaha

NE

22%

5%

 $7,077,696

29

Atlanta

GA

21%

10%

 $57,186,114

30

Fort Worth

TX

21%

7%

 $29,494,864

31

Houston

TX

21%

8%

 $121,116,750

32

Colorado Springs

CO

21%

7%

 $33,278,046

33

Miami

FL

20%

15%

 $169,470,054

34

Oklahoma City

OK

20%

6%

$9,600,668

35

Los Angeles

CA

20%

10%

 $178,320,444

36

Charlotte

NC

20%

9%

 $67,689,153

37

San Antonio

TX

19%

7%

 $47,416,572

38

Denver

CO

18%

8%

 $39,378,528

39

Honolulu

HI

18%

8%

 $26,984,648

40

Austin

TX

18%

7%

$64,680,006

41

San Francisco

CA

17%

8%

 $44,863,938

42

New York

NY

17%

9%

 $451,522,448

43

El Paso

TX

16%

7%

 $11,237,028

44

Sacramento

CA

15%

10%

$12,254,998

45

Fresno

CA

15%

11%

 $8,142,399

46

San Diego

CA

15%

8%

 $45,017,560

47

Oakland

CA

14%

11%

 $10,194,899

48

Detroit

MI

13%

24%

 $10,371,116

49

Las Vegas

NV

12%

15%

 $104,567,526

50

San Jose

CA

12%

7%

 $17,948,923

 

 

Trulia Price Reductions

Trulia was the first 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 empowers them to make more informed decisions regarding which home to purchase and helps consumers get the most home for their dollar. It also helps 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 May 1, 2010 and tracks all price reductions from May 1, 2009 to May 1, 2010. This data does not include foreclosure properties. Trulia obtains its listing information from brokers, agents, third party aggregators and Multiple Listing Services (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.com is the most comprehensive real estate site focused on empowering you with smarter tools to help you find the right home. Whether you are an active buyer, seller or real estate enthusiast, Trulia gives you all the information you care about from rich property data to a personalized search experience.  We are focused on helping you find the home that truly meets your needs, and delivers on what’s most important for you. Ultimately, we built a smart real estate search experience bringing together local information, community insights, market data and national listings all in one place, all for you.

 

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


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


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