SOURCE: Trulia

Trulia

December 09, 2009 06:00 ET

Home Price Reduction Levels Drop to 2009 Low According to Trulia's December Price Reduction Report

Regions Hardest Hit by Foreclosure -- South and West -- Register Lowest Level of Price Reductions

SAN FRANCISCO, CA--(Marketwire - December 9, 2009) - Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced that 22 percent of homes currently on the market in the United States as of December 1, 2009 have experienced at least one price cut, the lowest level since Trulia started tracking price reductions in April 2009. The total amount slashed from home prices also dropped from $28.1 billion in November to $24.7 billion in December, representing a 12 percent decrease. The average discount for price-reduced homes slightly increased to 11 percent off of the original listing price compared to 10 percent in the previous four months. The number of listings on Trulia also decreased by 9 percent from the previous month.

South Reports Least Amount of Homes Reduced

The South has the lowest levels of price reductions, with 19 percent of current listings experiencing at least one price cut, a 21 percent decrease from the previous month. Kentucky, Louisiana, Arkansas Oklahoma and Mississippi are all seeing less than 15 percent of listings with price reductions. (Regions according to the U.S. Census Bureau)

--  South - 19% of listings with price reductions
--  West - 20% of listings with price reductions
--  Midwest - 22% of listings with price reductions
--  Northeast - 25% of listings with price reductions
    

"We saw some of the highest levels of reductions last month, as home owners raced to sell their homes in advance of the November 30 expiration of the tax credit," said Pete Flint. "We are now seeing fewer reductions at the low end of the market as those sellers are increasingly in sync with market prices. With the expansion of the tax credit to repeat home buyers and extension to April 30, we expect to see an increase in price reductions at the higher end of the market in the first quarter of 2010."

For the first time since Trulia started tracking price reductions in April 2009, one major U.S. city has reached 40 percent of listings with price reductions -- Minneapolis. This is the second straight month that Minneapolis has held the top spot for highest percentage of price reductions.

Cities experiencing significant increases in percentage of listings with price reductions from June 2009 to December 2009 include:

--  Kansas City, MO - 40% increase in price reductions
--  Omaha, NE - 39% increase in price reductions
--  Houston, TX - 32% increase in price reductions
--  Minneapolis, MN - 29% increase in price reductions
--  Arlington, VA - 28% increase in price reductions
    

Cities showing signs the highest percentage of declines for listings with price reductions from June 2009 to December 2009 include:

--  Las Vegas, NV - 30% decrease in price reductions
--  San Jose, CA - 30% decrease in price reductions
--  Long Beach, CA - 25% decrease in price reductions
--  Honolulu, HI - 23% decrease in price reductions
--  Albuquerque, NM - 22% 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 10 percent for homes listed under $2 million. Additionally, luxury homes represent less than two percent of all current listings on Trulia, but are responsible for 26 percent of the $24.7 billion in home price reductions.

December 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         40%         9% $    29,462,505
               =============== ===== ==========  =========  ===============
2                 Jacksonville    FL         37%        11% $   105,982,800
               =============== ===== ==========  =========  ===============
3                       Boston    MA         35%         8% $    37,753,331
               =============== ===== ==========  =========  ===============
4                      Memphis    TN         35%         9% $    23,634,518
               =============== ===== ==========  =========  ===============
5                    Milwaukee    WI         35%        10% $    22,369,572
               =============== ===== ==========  =========  ===============
6                     Columbus    OH         34%         9% $    17,759,440
               =============== ===== ==========  =========  ===============
7                     Portland    OR         34%        10% $    54,283,964
               =============== ===== ==========  =========  ===============
8                      Seattle    WA         32%         9% $    58,260,642
               =============== ===== ==========  =========  ===============
9                    Baltimore    MD         32%        11% $    40,903,751
               =============== ===== ==========  =========  ===============
10                       Omaha    NE         32%         6% $    13,345,099
               =============== ===== ==========  =========  ===============
11                      Dallas    TX         32%         8% $   112,990,398
               =============== ===== ==========  =========  ===============
12                Indianapolis    IN         30%         8% $    28,196,532
               =============== ===== ==========  =========  ===============
13                      Tucson    AZ         30%        11% $    62,658,481
               =============== ===== ==========  =========  ===============
14                   Charlotte    NC         30%        10% $    96,795,270
               =============== ===== ==========  =========  ===============
15                   Nashville    TN         29%         7% $    32,920,525
               =============== ===== ==========  =========  ===============
16                     Raleigh    NC         29%         7% $    36,706,800
               =============== ===== ==========  =========  ===============
17               San Francisco    CA         29%         9% $    58,828,908
               =============== ===== ==========  =========  ===============
                      Colorado
18                     Springs    CO         28%         7% $    28,482,450
               =============== ===== ==========  =========  ===============
19                  Washington    DC         28%         9% $    60,415,254
               =============== ===== ==========  =========  ===============
20                        Mesa    AZ         28%        13% $    22,935,017
               =============== ===== ==========  =========  ===============
21                 Kansas City    MO         28%         9% $    22,387,470
               =============== ===== ==========  =========  ===============
22                     Phoenix    AZ         28%        14% $    94,334,604
               =============== ===== ==========  =========  ===============
23                     Chicago    IL         27%         9% $   175,197,036
               =============== ===== ==========  =========  ===============
24                Philadelphia    PA         27%        10% $    63,870,214
               =============== ===== ==========  =========  ===============
25                   Cleveland    OH         26%        12% $    10,251,216
               =============== ===== ==========  =========  ===============
26                      Austin    TX         26%         8% $    73,722,223
               =============== ===== ==========  =========  ===============
27                     Atlanta    GA         26%        12% $   167,849,451
               =============== ===== ==========  =========  ===============
28                 Los Angeles    CA         26%        12% $   255,691,215
               =============== ===== ==========  =========  ===============
29                     Houston    TX         25%         8% $   115,498,304
               =============== ===== ==========  =========  ===============
30                       Miami    FL         25%        15% $   209,783,764
               =============== ===== ==========  =========  ===============
31                    New York    NY         25%        12% $   579,451,396
               =============== ===== ==========  =========  ===============
32                  Louisville    KY         25%         6% $    10,561,578
               =============== ===== ==========  =========  ===============
33                     Oakland    CA         25%        10% $    10,222,219
               =============== ===== ==========  =========  ===============
34              Virginia Beach    VA         25%         9% $    36,738,900
               =============== ===== ==========  =========  ===============
35                    Honolulu    HI         24%        10% $    34,098,739
               =============== ===== ==========  =========  ===============
36                  Fort Worth    TX         23%         8% $    25,690,962
               =============== ===== ==========  =========  ===============
37                   Arlington    TX         23%         7% $     5,749,532
               =============== ===== ==========  =========  ===============
38               Oklahoma City    OK         22%         8% $    11,370,836
               =============== ===== ==========  =========  ===============
39                  Sacramento    CA         22%        11% $    15,196,545
               =============== ===== ==========  =========  ===============
40                       Tulsa    OK         22%         6% $     9,549,900
               =============== ===== ==========  =========  ===============
41                  Long Beach    CA         21%        12% $    25,916,584
               =============== ===== ==========  =========  ===============
42                      Denver    CO         21%         9% $    43,679,025
               =============== ===== ==========  =========  ===============
43                 Albuquerque    NM         21%         8% $    19,664,924
               =============== ===== ==========  =========  ===============
44                   Las Vegas    NV         21%        16% $   128,015,835
               =============== ===== ==========  =========  ===============
45                   San Diego    CA         19%         9% $    51,083,845
               =============== ===== ==========  =========  ===============
46                    San Jose    CA         19%         9% $    19,258,597
               =============== ===== ==========  =========  ===============
47                 San Antonio    TX         18%         7% $    41,836,048
               =============== ===== ==========  =========  ===============
48                     Detroit    MI         18%        25% $    11,428,128
               =============== ===== ==========  =========  ===============
49                     El Paso    TX         16%         9% $    16,153,182
               =============== ===== ==========  =========  ===============
50                      Fresno    CA         12%        10% $     3,030,300
               =============== ===== ==========  =========  ===============

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 December 1, 2009 and tracks all price reductions from December 1, 2008 to December 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/.

Contact Information

  • Media Contact:
    Paul Loeffler for Trulia
    Email Contact
    510-593-6765