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Listing price reductions down 26% annually per Trulia

Price reductions are down

reduced price signAlthough up from last month, 20% of current home listings on Trulia.com have experienced at least one price reduction as of April 1, 2010, compared to 27% in April 2009 when the real estate website began tracking price changes. Compared to a year ago, this represents a 26% decline across America.

The real estate industry uses price reduction data as an indicator of market strength as well as buyer negotiation power.

“Signs of stabilization”

“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.com data does not include foreclosures and analyzes all listing data they are provided from brokerages and MLSs and looks to actual city limits rather than MSAs compared to some other real estate indicators.

Taking a look locally

Of the 15 cities Trulia.com began analyzing in 2009, Seattle had the highest percentage increase for price reductions year over year while Las Vegas is seeing less price reductions compared to 2009. Houston saw the largest discounts compared to 2009 while San Francisco and New York saw the lowest discount amounts.

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price reductions year over year changes

avg discount year over year changes

As of April 2010, Trulia.com tracks more than 15 cities and has expanded their list price reduction analysis to 50 cities as seen below. Click to enlarge.

trulia

CC Licensed photo courtesy of thetruthabout via Flickr.com.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

8 Comments

8 Comments

  1. Real Estate Feeds

    April 22, 2010 at 4:21 am

    Listing price reductions down 26% annually per Trulia: Price reductions are down
    Although up from last month, 20% … https://bit.ly/cpwuBA

  2. Real Estate Ninja

    April 22, 2010 at 4:35 am

    Listing price reductions down 26% annually per Trulia https://bit.ly/9OJc2F

  3. Nelbee

    April 22, 2010 at 4:35 am

    Listing price reductions down 26% annually per Trulia https://bit.ly/bHx895 @AgentGenius

  4. Fred Glick

    April 22, 2010 at 8:33 am

    Of course they are down! It’s the time when the FTHBs are finishing up their buying spree.

    Let’s see this number is July and August of 2010…..that’s when the real numbers will come out. If prices go down, then we may be headed to a double dip. If they are stable or up, then we are going with an economic recovery.

    Jobs, jobs, jobs…that’s what’s important!

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