More Than 1 in 4 Homes for Sale in Trulia's November Price Reduction Report Have Seen a Reduction
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SAN FRANCISCO, CA -- (MARKET WIRE) -- 11/11/09 -- Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced that 25.6 percent of homes currently on the market in the United States as of November 1, 2009 have experienced at least one price cut during the past 12 months. More than 40 percent of the top 50 major metros across the U.S. are experiencing price reduction levels above 30 percent, significantly higher than the national average. The average discount for price-reduced homes continues to hold steady at ten percent off of the original listing price.
Northeast Continues With Most Homes Reduced
The Northeast continues to see the highest level of price reductions, with 29 percent of current listings experiencing at least one price cut -- Connecticut, Massachusetts, Rhode Island and New Hampshire are all seeing over 30 percent of listings with price reductions. (Regions according to the U.S. Census Bureau)
-- Northeast - 29% of listings with price reductions
-- Midwest - 28% of listings with price reductions
-- West - 25% of listings with price reductions
-- South - 24% of listings with price reductions
"With mortgage rates still low and the expansion of the tax credit to trade-up buyers, we could see significant inventory -- both new and 'shadow inventory' -- hit the market during the next four-to-six months," said Pete Flint, Trulia co-founder and CEO. "Inventory levels this quarter are poised to be atypical of a normal real estate market, which could create tremendous pressure on sellers to price their homes competitively and move their property before the tax credit expires on April 30th."
Cities experiencing significant increases in percentage of listings with price reductions from June 2009 to November 2009 include:
-- Kansas City, MO - 59% increase in price reductions
-- Colorado Springs, CO - 43% increase in price reductions
-- Omaha, NE - 39% increase in price reductions
-- Louisville, KY - 37% increase in price reductions
-- Milwaukee, WI - 30% increase in price reductions
Cities showing signs the highest percentage of declines for listings with price reductions from June 2009 to November 2009 include:
-- Las Vegas, NV - 34% decrease in price reductions
-- San Jose, CA - 25% decrease in price reductions
-- San Antonio, TX - 18% decrease in price reductions
-- Los Angeles, CA - 16% decrease in price reductions
-- Oakland, CA - 16% decrease in price reductions
Luxury Market Still Hardest Hit
Luxury homes (those listed at two million dollars and above) continue to bear the brunt of discounts being offered with an average of 14 percent being slashed from the original asking price compared to the national average of ten percent. Additionally, luxury homes represent less than two percent of all current listings on Trulia, but are responsible for 25 percent of the $28.1 billion in home price reductions.
November Price Reductions - Top 50 U.S. Cities
Percent of
Listings Average
with Price Reduction Total Amount of
Rank City State Reductions (%) Reductions
----- ---------------- ----- ------------ ------------ ---------------
1 Minneapolis MN 39% 9% $ 29,475,600
2 Milwaukee WI 37% 10% $ 25,690,944
3 Baltimore MD 37% 11% $ 44,897,200
4 Portland OR 36% 9% $ 59,145,328
5 Memphis TN 36% 9% $ 24,065,038
6 Jacksonville FL 36% 12% $ 107,606,180
7 Columbus OH 35% 8% $ 17,365,026
8 Seattle WA 35% 9% $ 70,704,197
9 Boston MA 33% 7% $ 40,605,802
10 Tucson AZ 33% 11% $ 69,459,570
11 Indianapolis IN 33% 8% $ 34,898,760
12 Kansas City MO 33% 9% $ 28,976,094
13 Raleigh NC 32% 7% $ 42,378,280
14 Chicago IL 32% 9% $ 210,448,126
15 Omaha NE 32% 7% $ 15,680,028
16 Dallas TX 32% 7% $ 88,960,032
17 Colorado Springs CO 32% 7% $ 31,827,413
18 Albuquerque NM 32% 8% $ 28,123,425
19 Charlotte NC 31% 10% $ 108,220,028
20 Mesa AZ 30% 13% $ 24,638,800
21 Nashville TN 30% 7% $ 35,135,360
22 Philadelphia PA 29% 9% $ 64,572,690
23 Austin TX 29% 9% $ 95,926,215
24 Atlanta GA 29% 12% $ 179,845,380
25 Phoenix AZ 29% 13% $ 101,506,119
26 Louisville KY 28% 6% $ 12,319,543
27 San Francisco CA 28% 9% $ 66,110,000
28 Tulsa OK 28% 6% $ 13,816,696
29 Washington DC 28% 9% $ 48,286,245
30 Cleveland OH 28% 13% $ 11,421,730
31 Honolulu HI 27% 10% $ 39,414,540
32 New York NY 27% 12% $ 664,373,691
33 Miami FL 26% 15% $ 227,679,232
34 Los Angeles CA 26% 13% $ 272,219,112
35 Oklahoma City OK 26% 7% $ 11,624,312
36 Virginia Beach VA 25% 9% $ 37,217,375
37 Sacramento CA 24% 11% $ 19,203,153
38 Long Beach CA 24% 11% $ 25,501,938
39 Fort Worth TX 23% 8% $ 24,892,092
40 Houston TX 23% 7% $ 97,660,686
41 Arlington TX 23% 6% $ 4,971,846
42 Denver CO 23% 9% $ 50,041,824
43 Oakland CA 23% 9% $ 9,817,653
44 El Paso TX 22% 9% $ 19,107,920
45 San Diego CA 21% 10% $ 66,538,850
46 San Jose CA 20% 8% $ 21,319,770
47 Las Vegas NV 19% 15% $ 141,207,900
48 Detroit MI 19% 25% $ 10,309,852
49 San Antonio TX 19% 7% $ 40,838,670
50 Fresno CA 17% 11% $ 5,588,850
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 is the first and only 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 November 1, 2009 and tracks all price reductions from November 1, 2008 to November 1, 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: Paul Loeffler for Trulia Email Contact 510-593-6765
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