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NEW YEAR BRINGS NEW LOWS IN HOME PRICE REDUCTION LEVELS ACCORDING TO TRULIA

Luxury Market Continues to Offer Substantial Discounts

SAN FRANCISCO January 12, 2010 – Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 21 percent of homes currently on the market in the United States as of January 1, 2010 have experienced at least one price cut. This represents the second straight month price reduction levels have decreased and the lowest level since Trulia started tracking price reductions in April 2009. The total amount slashed from home prices also dropped to $21.2 billion compared to $24.7 billion in December, a 14 percent decrease. The average discount for price-reduced homes continues to hold at 11 percent off of the original listing price. This was also the second straight month where inventory levels have dropped for single family homes and condos across the United States.

South Continues With Least Amount of Homes Reduced

The South has the lowest overall level of price reductions, with 20 percent of current listings experiencing at least one price cut, while the Northeast saw the biggest decrease in price reductions compared to the previous month -- 12 percent. (Regions according to the U.S. Census Bureau)     

  • South- 20% of listings with price reductions
  • West- 22% of listings with price reductions
  • Midwest- 22% of listings with price reductions
  • Northeast- 22% of listings with price reductions

 

“Consumers have a golden window of opportunity to find a great home and take advantage of the tax credit before mortgage rates start to rise,” said Pete Flint, Trulia co-founder and CEO. “Historically low interest rates currently available and tax credit incentives are the ultimate price reductions for home buyers. As rates rise throughout the course of the year, buyers will need to adjust their purchase price ceiling.”

 

The number of major U.S. cities with price reduction levels at 30 percent was cut by 50 percent in January.  In December, 14 major cities saw a reduction of 30 percent or greater and that number has been reduced to just seven cities in January.  Additionally, Minneapolis, which has the held the top spot for the past two months, experienced a 33 percent decrease compared to the previous month. Cities experiencing the largest decreases in percentage of listings with price reductions compared to the previous month include:

 

Luxury Market Still Hardest Hit

Luxury homes (those listed at $2 million and above) continue to be hit the hardest by price reductions with the average discount rising to 15 percent for the first time since Trulia started tracking in April 2009. Additionally, luxury homes represent less than two percent of all current listings on Trulia, but are responsible for 24 percent of the $21.2 billion in home price reductions. The average discount for homes priced less than $2 million continues to hold at 10 percent.   

 January 2010 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

36%

11%

 $ 96,648,312

2

Milwaukee

WI

33%

10%

 $ 22,663,190

3

Portland

OR

33%

9%

 $ 46,302,242

4

Seattle

WA

32%

10%

 $ 58,752,540

5

Omaha

NE

32%

7%

 $ 11,397,240

6

Tucson

AZ

30%

10%

 $ 57,869,538

7

Charlotte

NC

30%

10%

 $ 85,977,657

8

Baltimore

MD

29%

12%

 $ 35,205,390

9

Indianapolis

IN

29%

9%

 $ 28,732,984

10

Mesa

AZ

29%

14%

 $ 27,230,319

11

Boston

MA

29%

7%

 $ 25,152,872

12

Dallas

TX

28%

8%

 $ 85,161,787

13

Phoenix

AZ

28%

14%

 $ 97,894,264

14

Philadelphia

PA

28%

10%

 $ 64,089,110

15

Raleigh

NC

28%

7%

 $ 33,452,320

16

Minneapolis

MN

27%

10%

 $ 16,791,200

17

Colorado Springs

CO

27%

8%

 $ 27,414,000

18

Nashville

TN

27%

8%

 $ 29,380,988

19

Kansas City

MO

26%

9%

 $ 21,550,296

20

Louisville

KY

26%

6%

 $ 10,462,626

21

Cleveland

OH

26%

12%

 $ 10,049,700

22

Houston

TX

25%

8%

 $ 118,139,240

23

Washington

DC

25%

10%

 $ 58,387,020

24

Columbus

OH

25%

9%

 $ 11,965,600

25

Austin

TX

25%

9%

 $ 74,429,520

26

San Francisco

CA

24%

9%

 $ 32,553,024

27

Arlington

TX

24%

7%

 $ 6,000,947

28

Virginia Beach

VA

24%

9%

 $ 36,827,562

29

Memphis

TN

23%

10%

 $ 15,278,148

30

Chicago

IL

23%

9%

 $ 135,039,522

31

Oklahoma City

OK

22%

8%

 $ 10,891,332

32

Albuquerque

NM

21%

8%

 $ 17,804,530

33

Miami

FL

21%

15%

 $ 179,175,880

34

Denver

CO

21%

9%

 $ 43,152,064

35

Long Beach

CA

21%

12%

 $ 21,942,110

36

Tulsa

OK

21%

6%

 $ 9,161,208

37

Atlanta

GA

21%

12%

 $ 132,535,656

38

Fort Worth

TX

21%

8%

 $ 23,271,232

39

Las Vegas

NV

20%

15%

 $ 105,360,864

40

Oakland

CA

19%

13%

 $ 8,970,238

41

Sacramento

CA

19%

11%

 $ 12,426,285

42

San Antonio

TX

19%

7%

 $ 41,469,041

43

Detroit

MI

19%

24%

 $ 11,152,544

44

El Paso

TX

18%

9%

 $ 17,135,256

45

San Diego

CA

17%

9%

 $ 45,249,150

46

New York

NY

16%

12%

 $ 391,994,812

47

Honolulu

HI

16%

9%

 $ 21,626,884

48

Fresno

CA

15%

9%

 $ 2,980,040

49

Los Angeles

CA

14%

12%

 $ 83,132,942

50

San Jose

CA

14%

9%

 $ 14,245,728


 

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 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 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 January 1, 2010 and tracks all price reductions from January 1, 2009 to January 1, 2010. 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.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 Contact:

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


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