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PRICE REDUCTIONS NATIONWIDE HIT HIGHEST LEVELS OF 2010, MIXED TRENDS EMERGE IN MAJOR U.S. CITIES ACCORDING TO TRULIA

Despite 1 Percent Increase in Nationwide Price Reductions and Increasing Levels in Major Midwest Cities, Price Reductions for Nearly Half of the 50 Largest U.S. Cities Remain Unchanged or Drop

SAN FRANCISCO, September 15, 2010 – Trulia.com (www.trulia.com), a top site for homebuyers, sellers and renters,  announced today that price reductions for home listings currently on the market in the U.S. have increased for the third consecutive month to 26 percent and account for a total reduction of more than $29 billion nationwide. These figures only tell part of the story, however, as modest signs of recovery appear to be emerging across the nation.

 

Despite the increase of price reduction figures to historic levels, 24 of the 50 largest U.S. cities held steady or dropped compared with data from the previous month. This represents a 50 percent increase from August, which saw 16 cities report positive or unchanged price reduction data. The reduction percentage remains unchanged at 10 percent ($33,892 average price reduction).

 

“On the surface, the latest price reduction data carries with it conflicting messages,” said Pete Flint, co-founder and CEO, Trulia. “Nationwide, sellers continue to slash prices and this is a worrisome trend. However, we’re seeing gradual improvement in many U.S. cities – several for consecutive months. What this shows us is that while we’re in for a long climb to bring stability back to the housing market and while it’s going to take time, that climb appears to at least be underway in some parts of the country.”

 

Diverging Developments in the Golden State

In California, price reductions have increased steadily since the tax credit for new homebuyers expired on April 30. Despite this, seven of the state’s eight largest cities report price reductions figures below or in line with the national average. Furthermore, five California cities show improvement when compared with data captured one year earlier.

 

City

Sept. 1, 2010

Sept. 1, 2009

Oakland

19%

21%

San Jose

20%

26%

Los Angeles

22%

26%

San Diego

23%

20%

San Francisco

24%

28%

Sacramento

26%

26%

Fresno

26%

20%

Long Beach

28%

25%

 

Sellers Crank Up Price Cuts in Major Midwestern Cities

Price reductions in Minneapolis reached an all-time high of 43 percent.  In total, sellers have slashed $34.8 million off homes currently on the market and this is the fifth consecutive month of price reductions at or above 40 percent. Milwaukee also crossed the 40 percent threshold, representing the first time two U.S. cities have reported price cuts above 40 percent since Trulia began tracking home price reductions in April 2009. Cleveland logged the lowest price reductions figure among the largest Midwest cities (31 percent), a full five percent higher than the national average.

 

September 2010 Price Reductions: top 50 cities based on population. Download chart.

Rank

City

State

Percent of Listings with Price Reductions

Average Reduction (%)

Total Amount of Reductions

1

Minneapolis

MN

43%

10%

 $    34,826,216

2

Milwaukee

WI

40%

10%

 $    25,842,596

3

Phoenix

AZ

39%

14%

 $  115,935,148

4

Mesa

AZ

37%

12%

 $    30,644,382

5

Albuquerque

NM

35%

9%

 $    39,179,787

6

Memphis

TN

35%

10%

 $    29,676,784

7

Boston

MA

35%

7%

 $    36,567,036

8

Tucson

AZ

34%

11%

 $    66,893,904

9

Baltimore

MD

34%

12%

 $    43,636,440

10

Dallas

TX

34%

9%

 $  131,642,980

11

Jacksonville

FL

34%

12%

 $    94,106,475

12

Omaha

NE

34%

7%

 $    13,351,408

13

Kansas City

MO

33%

9%

 $    31,969,080

14

Virginia Beach

VA

33%

8%

 $    43,972,371

15

Chicago

IL

33%

9%

 $  232,593,933

16

Columbus

OH

32%

10%

 $    23,546,900

17

Indianapolis

IN

32%

8%

 $    37,338,876

18

Atlanta

GA

32%

11%

 $  185,201,827

19

Portland

OR

32%

9%

 $    48,694,557

20

Seattle

WA

31%

9%

 $    69,614,475

21

Cleveland

OH

31%

13%

 $    13,704,354

22

Arlington

TX

29%

7%

 $      9,271,976

23

Houston

TX

29%

9%

 $  150,068,050

24

Raleigh

NC

29%

6%

 $    30,488,304

25

Colorado Springs

CO

28%

7%

 $    41,520,708

26

Long Beach

CA

28%

8%

 $    23,420,802

27

Louisville

KY

28%

6%

 $    16,289,515

28

Nashville

TN

28%

7%

 $    29,087,548

29

Oklahoma City

OK

28%

7%

 $    12,303,450

30

Philadelphia

PA

28%

9%

 $    60,204,870

31

Austin

TX

27%

8%

 $    79,006,840

32

Washington

DC

27%

9%

 $    42,390,950

33

Charlotte

NC

27%

9%

 $    75,034,791

34

Tulsa

OK

27%

7%

 $    16,496,960

NATIONAL AVERAGE

26%

10%

$  29,016,286,766

35

Sacramento

CA

26%

9%

 $    17,468,148

36

Fresno

CA

26%

12%

 $    15,163,281

37

Honolulu

HI

25%

8%

 $    36,711,804

38

Las Vegas

NV

24%

13%

 $    97,767,680

39

San Francisco

CA

24%

9%

 $    61,776,301

40

San Diego

CA

23%

8%

 $    74,852,136

41

Fort Worth

TX

23%

8%

 $    30,057,084

42

Denver

CO

23%

8%

 $    46,406,976

43

San Antonio

TX

23%

8%

 $    61,165,205

44

Los Angeles

CA

22%

12%

 $  194,117,068

45

New York

NY

20%

10%

 $  426,348,117

46

San Jose

CA

20%

8%

 $    32,582,829

47

El Paso

TX

19%

7%

 $    13,062,489

48

Oakland

CA

19%

11%

 $    11,034,364

49

Miami

FL

18%

12%

 $  123,851,000

50

Detroit

MI

16%

25%

 $      9,216,511

 

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. Price reduction data 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 June 1, 2010 and tracks all price reductions from September 1, 2009 to September 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:

Chip Scarinzi for Trulia, chip.scarinzi@edelman.com, 415-486-3221

Ken Shuman, kshuman@trulia.com, 415.517.7211


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