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SIGNS OF STABILIZATION IN U.S. REAL ESTATE MARKET -- HOME PRICE REDUCTIONS LEVELS DROP 26 PERCENT NATIONALLY YEAR-OVER-YEAR, ACCORDING TO TRULIA

Las Vegas, New York, San Diego and San Francisco Show Biggest Recovery Year-Over-Year

SAN FRANCISCO April 21, 2010 – Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 20 percent of current home listings have been reduced in price at least once, compared to 27 percent in April 2009, representing a 26 percent decline nationally. Trulia was the first company to issue national price reduction reports and is available to provide historical data on trends taking place as early as April 2009.

“With such a dramatic drop in home price reductions over the past year, we’re beginning to see early signs of stabilization in the housing market on a national level, as well as locally in certain markets,” said Pete Flint, Trulia co-founder and CEO. “As the federal stimulus comes to an end this month, coupled with expected increases in interest rates and foreclosures, the next few months will be very telling for whether the U.S. housing market can be self-sustaining over the longer-term. Trulia will continue to track price reductions going forward as an indicator of health in real estate market.”

In April 2009, Trulia first started tracking price reductions, both nationally and for the 15 major U.S. cities. Of the original 15 cities, those hit earliest and hardest have experienced huge decreases in price reductions compared to the previous year, including Las Vegas (54 percent), San Diego (52 percent) and San Francisco (45 percent). Seattle was the only original city to see a significant increase in price reduction levels with a 15 percent spike compared to the previous year.

Price Reductions Year-over-Year Changes - Original Top 15 Cities: Download chart here.

Rank

City

State

% of Listings with Price Reductions April 2009

% of Listings with Price Reductions April 2010

Year-Over Year Change

1

Las Vegas

NV

28%

13%

-54%

2

San Diego

CA

25%

12%

-52%

3

San Francisco

CA

30%

17%

-45%

4

New York

NY

39%

22%

-45%

5

Los Angeles

CA

33%

20%

-40%

6

Houston

TX

27%

21%

-21%

7

Miami

FL

25%

22%

-12%

8

Boston

MA

28%

26%

-8%

9

Albuquerque

NM

26%

25%

-3%

10

Philadelphia

PA

22%

22%

0%

11

Phoenix

AZ

32%

32%

0%

12

Chicago

IL

25%

25%

0%

13

Atlanta

GA

21%

21%

0%

14

Denver

CO

18%

19%

+5%

15

Seattle

WA

20%

23%

+15%

 

 Average Discount Year-over-Year Changes - Original Top 15 Cities: Download chart here.

In addition to seeing fewer homes reduced in price, the current report shows several cities have seen significant decreases in the percentage amount slashed off of the original listing price compared to the previous year. New York and San Francisco both saw discounts on home prices drop by more than 30 percent compared to April 2009.

On the other hand, several cities actually experienced increases in the average price reduction. Houston, Denver, Seattle and Phoenix all saw double-digit percentage increases compared to April 2009.

Rank

City

State

Average Reduction (%) April 2009

Average Reduction (%) April 2010

Year-Over Year Change

1

San Francisco

CA

13%

8%

-37%

2

New York

NY

14%

10%

-32%

3

Boston

MA

8%

6%

-23%

4

Los Angeles

CA

13%

11%

-12%

5

Las Vegas

NV

16%

15%

-8%

6

San Diego

CA

9%

9%

0%

7

Atlanta

GA

11%

11%

0%

8

Miami

FL

15%

15%

0%

9

Albuquerque

NM

7%

7%

0%

10

Chicago

IL

8%

8%

0%

11

Philadelphia

PA

8%

8%

0%

12

Phoenix

AZ

12%

13%

+10%

13

Seattle

WA

8%

10%

+19%

14

Denver

CO

7%

8%

+19%

15

Houston

TX

6%

8%

+38%

 

 April 2010 Price Reductions – Top 50 U.S. Cities: Download chart here.

Rank

City

State

Percent of Listings with Price Reductions

Average Reduction (%)

Total Amount of Reductions

1

Milwaukee

WI

34%

9%

$ 19,480,719

2

Phoenix

AZ

32%

13%

$ 109,247,720

3

Minneapolis

MN

32%

8%

$ 18,628,272

4

Mesa

AZ

31%

13%

$ 29,840,280

5

Dallas

TX

30%

9%

$ 112,697,184

6

Baltimore

MD

29%

12%

$ 38,766,186

7

Jacksonville

FL

29%

12%

$ 86,618,812

8

Columbus

OH

27%

8%

$ 14,150,442

9

Cleveland

OH

27%

12%

$ 11,489,765

10

Tucson

AZ

26%

10%

$ 57,427,230

11

Memphis

TN

26%

9%

$ 21,634,616

12

Kansas City

MO

26%

9%

$ 25,414,152

13

Boston

MA

26%

6%

$ 33,957,133

14

Portland

OR

26%

9%

$ 37,362,870

15

Albuquerque

NM

25%

7%

$ 25,857,521

16

Chicago

IL

25%

8%

$ 160,143,912

17

Nashville

TN

25%

8%

$ 31,927,680

18

Louisville

KY

24%

6%

$ 11,965,742

19

Raleigh

NC

24%

7%

$ 27,582,560

20

Arlington

TX

24%

7%

$ 6,685,296

21

Long Beach

CA

23%

10%

$ 22,822,410

22

Indianapolis

IN

23%

7%

$ 23,641,488

23

Washington

DC

23%

12%

$ 62,986,520

24

Seattle

WA

23%

10%

$ 58,488,561

25

Virginia Beach

VA

23%

7%

$ 26,468,466

26

Miami

FL

22%

15%

$ 166,078,192

27

New York

NY

22%

10%

$ 502,107,648

28

Philadelphia

PA

22%

8%

$ 50,460,150

29

Houston

TX

21%

8%

$ 109,638,930

30

Atlanta

GA

21%

11%

$ 147,316,946

31

Fort Worth

TX

21%

8%

$ 24,941,131

32

Charlotte

NC

21%

9%

$ 69,324,072

33

Tulsa

OK

20%

7%

$ 9,427,167

34

Colorado Springs

CO

20%

8%

$ 30,399,240

35

Oklahoma City

OK

20%

7%

$ 8,794,991

36

Los Angeles

CA

20%

11%

$ 184,348,731

37

Denver

CO

19%

8%

$ 38,933,570

38

Honolulu

HI

18%

8%

$ 25,872,693

39

Sacramento

CA

18%

10%

$ 13,149,664

40

San Antonio

TX

18%

7%

$ 44,166,314

41

Austin

TX

17%

8%

$ 59,909,175

42

San Francisco

CA

17%

8%

$ 36,578,904

43

Oakland

CA

16%

12%

$ 9,599,618

44

Omaha

NE

15%

7%

$ 5,599,884

45

Fresno

CA

15%

10%

$ 6,787,245

46

El Paso

TX

15%

7%

$ 11,054,120

47

Detroit

MI

14%

25%

$ 10,703,560

48

Las Vegas

NV

13%

15%

$ 91,845,462

49

San Diego

CA

12%

9%

$ 40,017,989

50

San Jose

CA

12%

7%

$ 15,879,777


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 






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 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 April 1, 2010 and tracks all price reductions from April 1, 2009 to April 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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