Last week Trulia launched a price reduction search tool allowing users to filter by price reductions and view history. We got a good amount of coverage across the mainstream press.  Below are some of the quotes and articles and the press release at the bottom of the post.

We’re constantly adding new features to improve the search experience and site functionality. Watch this space for more useful tools and don’t hesitate to get in touch if you have any new ideas for us.

“As the housing bust finally bites the Big Apple, more sellers are slashing prices in the U.S. financial and cultural capital than in any other big city in the country, according to data from real estate website Trulia.com.”-Reuters

"The financial crisis has hit the New York real estate market late in the cycle, but extremely hard," said Trulia chief executive Pete Flint."There's been a dramatic increase in the number of price reductions over the last six months."-Reuters

“Today Trulia.com, a real estate search site, reports, “27 percent of homes currently on the market across the United States have experienced at least one price cut.” The cuts range from $30,000 to $295,000. Trulia is now offering the ability for users to search listings that have undergone price cuts. Again, buyers only want the bargains.”-CNBC

“Trulia has recently added a tool that allows potential buyers to see price reductions for each property listing on their site. Buyers can also narrow their search to include only homes that have seen price cuts.”-Wall Street Journal

MORE THAN ONE IN FOUR HOMES ON THE MARKET HAVE CUT THEIR PRICE

Trulia Announces New Price Reduction Tool to Help Consumers Find Best Value in their Home Search

SAN FRANCISCO, April 23, 2009 – Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced the ability for users to search for listings that have undergone price cuts since first coming on the market. Trulia’s research has found that 27% of homes currently on the market across the United States have experienced at least one price cut. Across 15 major cities, including New York City, Chicago, Los Angeles, Boston and Atlanta, the average price reduction for homes ranged from $20,000 to $295,000. Specific data for major markets is included below. 

“It doesn’t matter if your price point is $200,000 or $2 million, in these difficult times people are searching for the best deals they can find on homes,” said Pete Flint, Trulia CEO and co-founder. “Our new price reduction functionality makes it easier for people to find the home of their dreams without laboring through unwanted results.”

Trulia is the first and only 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. The new 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.

As the spring buying season approaches and the real estate market continues to be increasingly competitive, price reductions are becoming more prevalent.  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.

 Users can access the price reduction search tool from multiple areas on Trulia.com: 

• Trulia.com Homepage – with one click, users can see how any homes have been price reduced in their cities from the Trulia Homepage Local Newsfeed. 
• Search Results Page – users can select Price Reductions as an option in Refine Search located on the left side of the page, to only see homes that have undergone price reductions.  Users can also sort their search results by the size, percentage or date of the home price reduction. 
• Home Details Page - detailed information regarding all price reductions and prior sold data for each home is available on the property listing page.
• Advanced Search – Price Reductions can be selected as an additional search filter.
  
  

Charts are available for download at: http://www.trulia.com/info/pricereductions 

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.  

Methodology:  All price change data is from live listings on Trulia.com, as of April 13, 2009 and tracks all price reductions from April 13, 2008 to April 13, 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