SIGNS OF STABILIZATION IN U.S. REAL ESTATE MARKET — HOME PRICE REDUCTIONS LEVELS DROP 26 PERCENT NATIONALLY YEAR-OVER-YEAR, ACCORDING TO TRULIA

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SAN FRANCISCO 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: Download chart here.

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: Download chart here.

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: Download chart here.

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 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 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.

Media Contacts:
Paul Loeffler for Trulia, paul@sutherlandgold.com, 510-593-6765
Ken Shuman, kshuman@trulia.com, 415-517-7211