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NATIONAL PRICE REDUCTIONS DROP BELOW 20 PERCENT FOR THE FIRST TIME ACCORDING TO TRULIA’S MARCH 2010 PRICE REDUCTION REPORT

Buyers and Sellers in Arizona, Hawaii, Massachusetts, Maryland and Washington D.C. Still Don’t See Eye-to-Eye on Home Prices

SAN FRANCISCO March 9, 2010 – Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced a new all-time low for national home price reduction levels since the company started tracking in April 2009, with 19 percent of listings currently on the market in the United States as of March 1, 2010 experiencing at least one price cut. This represents a 10 percent decrease from the previous month and the first time price reduction levels have dropped below 20 percent. The total dollar amount slashed from home prices dropped to $21.6 billion and the average discount for price-reduced homes continues to hold at 11 percent off of the original listing price.

Many major metros* across the U.S. have seen steady declines in price reductions during the past few months. The following U.S. cities experienced the biggest decline in price reductions from February 1, 2010 to March 1, 2010:

 

Cities

1-Mar

1-Feb

Percentage Decline

Charlotte, NC

21%

29%

28% drop

Colorado Springs, CO

21%

26%

19% drop

Houston, TX

21%

26%

19% drop

Raleigh, NC

21%

26%

19% drop

Jacksonville, FL

30%

36%

17% drop

Albuquerque, NM

20%

24%

16% drop

Tucson, AZ

27%

32%

16% drop

Omaha, NE

22%

26%

15% drop

San Antonio, TX

17%

20%

15% drop

 

 

Six major cities in California also occupy the lowest percent of current listings with price reductions out of the Top 50 national cities: San Francisco (16%), Sacramento (15%), San Diego (13%), Oakland (13%), San Jose (12%) and Fresno (12%).

 

“Consumer engagement on Trulia remains at an all time high, but home sales have dropped nationally during the past few months because there has been a lower sense of urgency to ‘buy now’,” said Pete Flint, Trulia co-founder and CEO. “As we get closer to the government incentives running out, we expect price reductions to increase as sellers begin to feel the pressure to lure buyers in, in advance of the tax credit expiration.”    

 

The Tax Credit Effect

Price reduction levels peaked nationally toward the end of 2009, corresponding to the timing of the original November 2009 deadline for the Federal Housing Tax Credit. In the months following the extension of the tax credit, price reduction levels have since declined. National price reduction levels by month:

  • March 2010 – 19%
  • February 2010 – 21%
  • January 2010 – 21%
  • December 2009 – 22%
  • November 2009 – 26%
  • October 2009 – 26%
  • September 2009 – 26%
  • August 2009 – 25%
  • July 2009 – 25%
  • June 2009 – 24%

 

Buyers and Sellers Disagreeing

 

While many states are seeing lower levels of price reductions, sellers and buyers in the following states continue to disagree more frequently on what is fair for home prices in their respective states:

 

Million-Dollar Markets Hit Hardest

The average amount slashed from homes listed at $1 million above is 14 percent off of the original listing price. The following five cities saw significantly bigger discounts on properties priced above $1 million compared to the national average for March 2010:

 

March 2010 Price Reductions – Top 50 U.S. Cities: download full chart

Rank

City

State

Percent of Listings with Price Reductions

Average Reduction (%)

Total Amount of Reductions

1

Milwaukee

WI

33%

9%

 $        17,247,300

2

Phoenix

AZ

31%

13%

 $        99,006,960

3

Mesa

AZ

31%

14%

 $        30,437,385

4

Memphis

TN

31%

10%

 $        24,090,936

5

Baltimore

MD

30%

12%

 $        35,287,980

6

Jacksonville

FL

30%

13%

 $        92,945,001

7

Dallas

TX

29%

9%

 $      102,431,520

8

Minneapolis

MN

29%

8%

 $        14,475,510

9

Tucson

AZ

27%

10%

 $        54,479,308

10

Columbus

OH

26%

9%

 $        13,942,935

11

Washington

DC

25%

12%

 $        53,931,396

12

Kansas City

MO

25%

9%

 $        23,811,900

13

Cleveland

OH

25%

12%

 $        10,360,746

14

Portland

OR

25%

9%

 $        37,099,268

15

Nashville

TN

25%

8%

 $        28,372,356

16

Chicago

IL

24%

9%

 $      165,984,664

17

Boston

MA

24%

7%

 $        27,709,038

18

Arlington

TX

24%

8%

 $          7,003,500

19

Atlanta

GA

24%

11%

 $      128,249,832

20

Miami

FL

23%

16%

 $      165,186,915

21

Long Beach

CA

23%

10%

 $        22,183,886

22

Omaha

NE

22%

7%

 $          6,637,540

23

Louisville

KY

22%

7%

 $        11,129,217

24

Philadelphia

PA

22%

9%

 $        34,778,802

25

Tulsa

OK

21%

7%

 $          9,384,376

26

Raleigh

NC

21%

7%

 $        24,659,771

27

Houston

TX

21%

8%

 $      104,163,301

28

Charlotte

NC

21%

10%

 $        69,452,999

29

Los Angeles

CA

21%

12%

 $      210,607,796

30

Colorado Springs

CO

21%

9%

 $        29,621,496

31

Fort Worth

TX

21%

8%

 $        25,007,822

32

Virginia Beach

VA

21%

8%

 $        24,116,439

33

Honolulu

HI

20%

8%

 $        25,137,539

34

Seattle

WA

20%

10%

 $        49,396,690

35

New York

NY

20%

10%

 $      424,185,090

36

Albuquerque

NM

20%

8%

 $        19,740,105

37

Detroit

MI

19%

25%

 $        10,907,919

38

Indianapolis

IN

19%

8%

 $        17,227,538

39

Oklahoma City

OK

19%

7%

 $          8,425,226

40

Denver

CO

18%

9%

 $        34,939,072

41

San Antonio

TX

17%

8%

 $        43,435,520

42

Austin

TX

17%

9%

 $        61,611,147

43

El Paso

TX

16%

8%

 $        12,605,973

44

Las Vegas

NV

16%

16%

 $        91,575,847

45

San Francisco

CA

16%

9%

 $        34,164,200

46

Sacramento

CA

15%

9%

 $        11,095,866

47

San Diego

CA

13%

9%

 $        44,027,408

48

Oakland

CA

13%

13%

 $          8,189,762

49

San Jose

CA

12%

8%

 $        15,740,472

50

Fresno

CA

12%

10%

 $          5,726,004


 

Customized data for every state, county, city and ZIP across the US is available for the media by contacting pr@trulia.com.

*Top 50 cities based on population - see data table

 

Trulia Price Reductions Methodology

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 March 1, 2010 and tracks all price reductions from March 1, 2009 to March 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 Contacts:

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

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

Download March 2010 Price Reductions pdf


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