SOURCE: Trulia

Trulia

April 21, 2010 08:00 ET

Signs of Stabilization in U.S. Real Estate Market -- Home Price Reduction 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, CA--(Marketwire - 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:

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:

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:

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 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 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.

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