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MORE THAN ONE IN FOUR HOMES ON THE MARKET HAVE CUT THEIR PRICE
Trulia Announces New Price Reduction Tool to Help Consumers Find Best Value in their Home Search

 

SAN FRANCISCO, April 23, 2009 – Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced the ability for users to search for listings that have undergone price cuts since first coming on the market. Trulia’s research has found that 27% of homes currently on the market across the United States have experienced at least one price cut. Across 15 major cities, including New York City, Chicago, Los Angeles, Boston and Atlanta, the average price reduction for homes ranged from $20,000 to $295,000. Specific data for major markets is included below. 

 

“It doesn’t matter if your price point is $200,000 or $2 million, in these difficult times people are searching for the best deals they can find on homes,” said Pete Flint, Trulia CEO and co-founder. “Our new price reduction functionality makes it easier for people to find the home of their dreams without laboring through unwanted results.”

 Trulia is the first and only 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. The new 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.

 

As the spring buying season approaches and the real estate market continues to be increasingly competitive, price reductions are becoming more prevalent.  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.

 

 

Rank

City

Listings with Price Reductions

Average Listing Price

Average Reduction

Average Reduction Off Original Price

         1

New York City

39%

 $          2,090,851

 $              295,194

14%

         2

Los Angeles

33%

 $          1,012,041

 $              143,307

13%

         3

Phoenix

32%

 $              367,308

 $                43,829

12%

         4

San Francisco

30%

 $          1,253,618

 $              174,516

13%

         5

Las Vegas

28%

 $              346,102

 $                48,013

16%

         6

Boston

28%

 $              706,739

 $                57,056

8%

         7

Houston

27%

 $              312,266

 $                20,318

6%

         8

Albuquerque

26%

 $              293,967

 $                22,559

7%

         9

Chicago

25%

 $              446,775

 $                36,291

8%

       10

San Diego

25%

 $              647,910

 $                65,388

9%

       11

Miami

25%

 $              403,074

 $                58,579

15%

       12

Philadelphia

22%

 $              328,953

 $                24,880

8%

       13

Atlanta

21%

 $              451,495

 $                49,617

11%

       14

Seattle

20%

 $              636,564

 $                49,605

8%

       15

Denver

18%

 $              436,791

 $                30,205

7%

 

 Users can access the price reduction search tool from multiple areas on Trulia.com: 

  • Trulia.com Homepage – with one click, users can see how any homes have been price reduced in their cities from the Trulia Homepage Local Newsfeed. 
  • Search Results Page – users can select Price Reductions as an option in Refine Search located on the left side of the page, to only see homes that have undergone price reductions.  Users can also sort their search results by the size, percentage or date of the home price reduction. 
  • Home Details Page - detailed information regarding all price reductions and prior sold data for each home is available on the property listing page.
  • Advanced Search – Price Reductions can be selected as an additional search filter.

Charts are available for download at: http://www.trulia.com/info/pricereductions 

Customized data is available for the media by contacting pr@trulia.com


Methodology:  All price change data is from live listings on Trulia.com, as of April 13, 2009 and tracks all price reductions from April 13, 2008 to April 13, 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:
Ken Shuman, kshuman@trulia.com or
Paul Loeffler for Trulia, paul@sutherlandgold.com, 415-848-7176


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