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SAN FRANCISCO January 12, 2010 – Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 21 percent of homes currently on the market in the United States as of January 1, 2010 have experienced at least one price cut. This represents the second straight month price reduction levels have decreased and the lowest level since Trulia started tracking price reductions in April 2009. The total amount slashed from home prices also dropped to $21.2 billion compared to $24.7 billion in December, a 14 percent decrease. The average discount for price-reduced homes continues to hold at 11 percent off of the original listing price. This was also the second straight month where inventory levels have dropped for single family homes and condos across the United States.
South Continues With Least Amount of Homes Reduced
The South has the lowest overall level of price reductions, with 20 percent of current listings experiencing at least one price cut, while the Northeast saw the biggest decrease in price reductions compared to the previous month — 12 percent. (Regions according to the U.S. Census Bureau)
- South- 20% of listings with price reductions
- West- 22% of listings with price reductions
- Midwest- 22% of listings with price reductions
- Northeast- 22% of listings with price reductions
“Consumers have a golden window of opportunity to find a great home and take advantage of the tax credit before mortgage rates start to rise,” said Pete Flint, Trulia co-founder and CEO. “Historically low interest rates currently available and tax credit incentives are the ultimate price reductions for home buyers. As rates rise throughout the course of the year, buyers will need to adjust their purchase price ceiling.”
The number of major U.S. cities with price reduction levels at 30 percent was cut by 50 percent in January. In December, 14 major cities saw a reduction of 30 percent or greater and that number has been reduced to just seven cities in January. Additionally, Minneapolis, which has the held the top spot for the past two months, experienced a 33 percent decrease compared to the previous month. Cities experiencing the largest decreases in percentage of listings with price reductions compared to the previous month include:
- Los Angeles, CA – 46% decrease in price reductions
- New York, NY – 36% decrease in price reductions
- Memphis, TN – 34% decrease in price reductions
- Minneapolis, MN – 33% decrease in price reductions
- Honolulu, HI – 33% decrease in price reductions
Luxury Market Still Hardest Hit
Luxury homes (those listed at $2 million and above) continue to be hit the hardest by price reductions with the average discount rising to 15 percent for the first time since Trulia started tracking in April 2009. Additionally, luxury homes represent less than two percent of all current listings on Trulia, but are responsible for 24 percent of the $21.2 billion in home price reductions. The average discount for homes priced less than $2 million continues to hold at 10 percent.
January 2010 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 |
36% |
11% |
$ 96,648,312 |
|
2 |
Milwaukee |
WI |
33% |
10% |
$ 22,663,190 |
|
3 |
Portland |
OR |
33% |
9% |
$ 46,302,242 |
|
4 |
Seattle |
WA |
32% |
10% |
$ 58,752,540 |
|
5 |
Omaha |
NE |
32% |
7% |
$ 11,397,240 |
|
6 |
Tucson |
AZ |
30% |
10% |
$ 57,869,538 |
|
7 |
Charlotte |
NC |
30% |
10% |
$ 85,977,657 |
|
8 |
Baltimore |
MD |
29% |
12% |
$ 35,205,390 |
|
9 |
Indianapolis |
IN |
29% |
9% |
$ 28,732,984 |
|
10 |
Mesa |
AZ |
29% |
14% |
$ 27,230,319 |
|
11 |
Boston |
MA |
29% |
7% |
$ 25,152,872 |
|
12 |
Dallas |
TX |
28% |
8% |
$ 85,161,787 |
|
13 |
Phoenix |
AZ |
28% |
14% |
$ 97,894,264 |
|
14 |
Philadelphia |
PA |
28% |
10% |
$ 64,089,110 |
|
15 |
Raleigh |
NC |
28% |
7% |
$ 33,452,320 |
|
16 |
Minneapolis |
MN |
27% |
10% |
$ 16,791,200 |
|
17 |
Colorado Springs |
CO |
27% |
8% |
$ 27,414,000 |
|
18 |
Nashville |
TN |
27% |
8% |
$ 29,380,988 |
|
19 |
Kansas City |
MO |
26% |
9% |
$ 21,550,296 |
|
20 |
Louisville |
KY |
26% |
6% |
$ 10,462,626 |
|
21 |
Cleveland |
OH |
26% |
12% |
$ 10,049,700 |
|
22 |
Houston |
TX |
25% |
8% |
$ 118,139,240 |
|
23 |
Washington |
DC |
25% |
10% |
$ 58,387,020 |
|
24 |
Columbus |
OH |
25% |
9% |
$ 11,965,600 |
|
25 |
Austin |
TX |
25% |
9% |
$ 74,429,520 |
|
26 |
San Francisco |
CA |
24% |
9% |
$ 32,553,024 |
|
27 |
Arlington |
TX |
24% |
7% |
$ 6,000,947 |
|
28 |
Virginia Beach |
VA |
24% |
9% |
$ 36,827,562 |
|
29 |
Memphis |
TN |
23% |
10% |
$ 15,278,148 |
|
30 |
Chicago |
IL |
23% |
9% |
$ 135,039,522 |
|
31 |
Oklahoma City |
OK |
22% |
8% |
$ 10,891,332 |
|
32 |
Albuquerque |
NM |
21% |
8% |
$ 17,804,530 |
|
33 |
Miami |
FL |
21% |
15% |
$ 179,175,880 |
|
34 |
Denver |
CO |
21% |
9% |
$ 43,152,064 |
|
35 |
Long Beach |
CA |
21% |
12% |
$ 21,942,110 |
|
36 |
Tulsa |
OK |
21% |
6% |
$ 9,161,208 |
|
37 |
Atlanta |
GA |
21% |
12% |
$ 132,535,656 |
|
38 |
Fort Worth |
TX |
21% |
8% |
$ 23,271,232 |
|
39 |
Las Vegas |
NV |
20% |
15% |
$ 105,360,864 |
|
40 |
Oakland |
CA |
19% |
13% |
$ 8,970,238 |
|
41 |
Sacramento |
CA |
19% |
11% |
$ 12,426,285 |
|
42 |
San Antonio |
TX |
19% |
7% |
$ 41,469,041 |
|
43 |
Detroit |
MI |
19% |
24% |
$ 11,152,544 |
|
44 |
El Paso |
TX |
18% |
9% |
$ 17,135,256 |
|
45 |
San Diego |
CA |
17% |
9% |
$ 45,249,150 |
|
46 |
New York |
NY |
16% |
12% |
$ 391,994,812 |
|
47 |
Honolulu |
HI |
16% |
9% |
$ 21,626,884 |
|
48 |
Fresno |
CA |
15% |
9% |
$ 2,980,040 |
|
49 |
Los Angeles |
CA |
14% |
12% |
$ 83,132,942 |
|
50 |
San Jose |
CA |
14% |
9% |
$ 14,245,728 |
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 was the first 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 January 1, 2010 and tracks all price reductions from January 1, 2009 to January 1, 2010. 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.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.
Media Contact:
Paul Loeffler for Trulia, paul@sutherlandgold.com, 510-593-6765
