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SAN FRANCISCO, August 14, 2009 – Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced that 25 percent of homes currently on the market in the United States as of August 1, 2009 have experienced at least one price cut. The percentage of price reductions has continued to increase month-over-month for the past three months. The total value slashed off active listings now totals $27.8 billion. Major metros across the U.S. continue to be the hardest hit with 66 percent of the top 50 markets having percentage-of-price-reduction levels above the national average. Discounts for price-reduced homes has slightly decreased to an average of 10 percent off of the original listing price compared to an average of 10.6 percent off of the original listing price in June 2009.
While home sellers in several cities are beginning to price more aggressively, and forgo the need for price reductions, many continue to ignore market conditions and over-price their homes. Jacksonville retains the top spot for highest levels of price reductions for the third consecutive month with 38 percent of current listings experiencing at least one round of discounts. Additionally, Boston, Milwaukee and Minneapolis all placed in the top five nationally with the highest percentage of reductions for the second straight month.
“We are excited to see industry reports showing positive signs in the real estate industry, but there is still a long way to go before we’ll see a real recovery for the U.S. as a whole. Even as the volume of sales are starting to rise nationally, the median home price continues to fall,” said Pete Flint, Trulia co-founder and CEO. “The reality is, today’s sellers need to price aggressively to avoid reductions. Consumers are looking for value and when they find a good deal, they are taking advantage of market conditions.”
Cities experiencing significant increases in percentage of listings with price reductions from June 2009 to August 2009 include:
· Fresno, CA – 67% increase in price reductions
· Colorado Springs, CO – 27% increase in price reductions
· Kansas City, MO – 25% increase in price reductions
· Oklahoma City, OK – 24% increase in price reductions
· Albuquerque, NM – 22% increase in price reductions
Cities showing signs of recovery with significant declines in percentage of listing with price reduction from June 2009 to August 2009 include:
· Dallas, TX – 42% fewer price reductions
· Las Vegas, NV – 33% fewer price reductions
· Louisville, KY – 33% fewer price reductions
· Los Angeles, CA – 19% fewer price reductions
· Washington D.C. – 17% fewer price reductions
Luxury Market Getting Hit Hard
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Luxury homes (those listed at $two million 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 10 percent. Additionally, luxury homes represent barely two percent of all current listings on Trulia, but are responsible for 25 percent of the $27.8 billion in home price reductions.
August Price Reductions – Top 50 U.S. Cities
|
Rank |
City |
State |
Percent of Listings with Price Reductions |
Average Reduction (%) |
Total Amount of Reductions |
|
1 |
Jacksonville |
FL |
38% |
11% |
$ 109,292,808 |
|
2 |
Portland |
OR |
35% |
9% |
$ 56,833,504 |
|
3 |
Milwaukee |
WI |
34% |
8% |
$ 19,053,276 |
|
4 |
Minneapolis |
MN |
34% |
9% |
$ 25,641,504 |
|
5 |
Boston |
MA |
34% |
8% |
$ 51,887,832 |
|
6 |
Seattle |
WA |
34% |
8% |
$ 67,896,023 |
|
7 |
Albuquerque |
NM |
33% |
7% |
$ 26,967,636 |
|
8 |
Chicago |
IL |
33% |
9% |
$ 245,661,105 |
|
9 |
Indianapolis |
IN |
32% |
8% |
$ 32,293,646 |
|
10 |
Raleigh |
NC |
32% |
7% |
$ 39,416,328 |
|
11 |
Baltimore |
MD |
32% |
11% |
$ 41,367,984 |
|
12 |
Columbus |
OH |
32% |
9% |
$ 18,434,080 |
|
13 |
Memphis |
TN |
32% |
9% |
$ 24,687,432 |
|
14 |
Honolulu |
HI |
32% |
10% |
$ 49,733,985 |
|
15 |
New York |
NY |
31% |
13% |
$ 975,823,368 |
|
16 |
Austin |
TX |
31% |
8% |
$ 111,271,347 |
|
17 |
Charlotte |
NC |
31% |
8% |
$ 91,813,500 |
|
18 |
Nashville |
TN |
30% |
7% |
$ 27,092,548 |
|
19 |
San Francisco |
CA |
29% |
12% |
$ 98,367,841 |
|
20 |
Tucson |
AZ |
29% |
10% |
$ 68,994,021 |
|
21 |
Atlanta |
GA |
28% |
11% |
$ 182,908,054 |
|
22 |
Colorado Springs |
CO |
28% |
7% |
$ 27,994,590 |
|
23 |
Miami |
FL |
27% |
15% |
$ 241,347,648 |
|
24 |
Sacramento |
CA |
27% |
11% |
$ 18,500,794 |
|
25 |
Long Beach |
CA |
27% |
11% |
$ 30,755,496 |
|
26 |
Tulsa |
OK |
27% |
6% |
$ 12,295,404 |
|
27 |
Omaha |
NE |
27% |
6% |
$ 12,040,319 |
|
28 |
Phoenix |
AZ |
26% |
13% |
$ 84,109,665 |
|
29 |
Philadelphia |
PA |
26% |
8% |
$ 49,731,744 |
|
30 |
Mesa |
AZ |
26% |
13% |
$ 22,494,320 |
|
31 |
Los Angeles |
CA |
26% |
12% |
$ 251,072,040 |
|
32 |
Oklahoma City |
OK |
26% |
6% |
$ 8,963,910 |
|
33 |
Virginia Beach |
VA |
26% |
8% |
$ 32,580,954 |
|
34 |
Kansas City |
MO |
25% |
8% |
$ 19,582,200 |
|
35 |
San Jose |
CA |
25% |
9% |
$ 31,123,090 |
|
36 |
Washington |
DC |
25% |
10% |
$ 58,717,344 |
|
37 |
Fresno |
CA |
25% |
11% |
$ 9,092,972 |
|
38 |
Oakland |
CA |
24% |
10% |
$ 11,064,302 |
|
39 |
Cleveland |
OH |
23% |
11% |
$ 8,438,192 |
|
40 |
San Antonio |
TX |
22% |
7% |
$ 51,026,646 |
|
41 |
El Paso |
TX |
22% |
7% |
$ 13,996,080 |
|
42 |
Denver |
CO |
21% |
9% |
$ 44,730,360 |
|
43 |
Las Vegas |
NV |
20% |
16% |
$ 163,680,855 |
|
44 |
Houston |
TX |
19% |
8% |
$ 49,285,116 |
|
45 |
San Diego |
CA |
18% |
10% |
$ 59,189,418 |
|
46 |
Dallas |
TX |
18% |
9% |
$ 79,597,978 |
|
47 |
Arlington |
TX |
17% |
6% |
$ 4,002,345 |
|
48 |
Detroit |
MI |
17% |
22% |
$ 11,107,782 |
|
49 |
Fort Worth |
TX |
17% |
7% |
$ 12,845,904 |
|
50 |
Louisville |
KY |
14% |
7% |
$ 6,356,070 |
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Trulia Price Reductions
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 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.
Charts are available for download at: http://www.trulia.com/info/august09pricereductions
Customized data is available for the media by contacting pr@trulia.com
Methodology: All price change data is from live listings on Trulia.com, as of August 1, 2009 and tracks all price reductions from August 1, 2008 to August 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 2009 Webby Award for real estate. For more information, visit http://www.trulia.com/.
Media Contact:
Ken Shuman, kshuman@trulia.com, 415-517-7211 or
Paul Loeffler for Trulia, paul@sutherlandgold.com, 510-593-6765
