photo credit: Joe Higgins.eu

Today, Trulia announced that 24 percent of listings currently on the market in the United States as of July 1, 2010 experienced at least one price reduction. This represents a nine percent increase from the previous month. The total dollar amount slashed from home prices was $27.3 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.

Many of the largest U.S. cities saw significant increases in price reduction levels this month with 22 of the top 50 cities across the U.S. experiencing price reduction levels at 30 percent or more, compared to just 10 cities in the previous month. Minneapolis leads the way with 40 percent of its home listings experiencing at least one price cut. This is the third straight month that Minneapolis has held the top spot and no other city has reached the 40 percent mark since Trulia started tracking home price reductions in April 2009. With an average discount for price-reduced homes at nine percent, the city’s total dollar amount slashed from home prices was $30.1 million.

“Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” says Pete Flint, co-founder and CEO of Trulia. “We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season. The slow start to the summer season is a major concern that we are heading towards a double-dip in the second half of this year.”

Western U.S. Leads with Price Reduction Increases

In the first half of 2010, cities in the Western U.S. were experiencing a decrease in reductions.  This month, the same cities experienced some of the largest surges in price reductions compared to the previous month.  Oakland increased 38 percent month-over-month and San Diego saw reductions increase by 25 percent. Additionally, Honolulu experienced a 21 percent increase from the previous month and Las Vegas increased by 20 percent. Texas cities also saw significant increases in price reductions with San Antonio and El Paso increasing by price 21 percent and 20 percent respectively. The following U.S. cities experienced the biggest increases in price reductions from June 1, 2010 to July 1, 2010:

Luxury Market Still Feeling The Pain

Price reduction levels for luxury homes (those listed at $2 million and above) continue to provide large discounts with an average of 14 percent off of the original listing price. The average discount for homes priced less than $2 million remains at 9 percent.

Click here to see the July 2010 Price Reductions for the Top 50 U.S. cities based on population.

Click here to learn more about Trulia Price Reductions and our  report methodology.

Last week, we announced our new exclusive partnership with CNNMoney as their official real estate listings partner. This week, another part of our partnership went live where we power the data for the new 2010 Best Places to Live series. Not only can you see the Top 100 list of Best Places to Live but you can also have some fun and see some interesting lists as well such as the Top Earning towns list or the Top 25 hotspots for the rich and single.

If you’re looking for a job, you can search the Top 25 List of counties that have plentiful job opportunities.

You can also drill down to see the Top 25 towns where homes are most affordable.

On each city town page on CNNMoney, should you want to search for more homes in the area, you can now do that directly from those pages by using our Trulia Homes For Sale Widget in the right hand column as seen in the image above.

If you’re a Trulia Pro or Local Ads customer, your listings and ads will be featured on CNNMoney too. A great benefit that will get you, your company and your sellers more nationwide exposure.

And lastly, please login with your Facebook account and see if your city made the list. If so, please leave a comment as it will not only appear on CNNMoney, but in your Facebook stream and wall as well as seen here on our Facebook page. A great way to share your thoughts about your favorite city with your sphere of influence.

Cheers!

Today, Trulia and CNNMoney today announced a partnership making Trulia the exclusive provider of real estate listings to CNNMoney, which will bring Trulia’s award winning real estate search experience to CNNMoney, one of the web’s top destinations for in-depth real estate reporting and breaking financial news.

The CNNMoney/Trulia co-branded web site allows users to easily search for properties for sale and refine their search results based on criteria like open houses, neighborhood, price, property type, new listings alongside CNNMoney’s in-depth real estate coverage.

In addition to the enhanced search experience, Trulia will be the exclusive provider of real estate data for MONEY’s “Best Places to Live” list. CNNMoney will incorporate Trulia’s local data, stats and trends into its deep editorial content to help users understand exactly what is happening in these locations.

“CNNMoney is the place to go on the web for breaking financial and real estate stories, news and trends.  We are excited to bring our user experience and millions of listings to this audience,” said Pete Flint, co-founder and CEO of Trulia. “Our goal is to provide as many consumers as possible with access to listings and relevant data to help them make the biggest financial decision of their lives.”

“Through our partnership with Trulia, we will offer readers an in-depth and comprehensive real estate picture.  Real estate has been and will continue to be one of the biggest topics in the coming years,” said Chris Peacock, Executive Editor and Vice President of CNNMoney. “We are excited to kick off this co-branded site with our annual Best Places to Live feature.”

To visit CNNMoney’s real estate section, go to http://money.cnn.com/real_estate/

Great testimonial from Caroline Sheehy!

In her own words:



“Well all I can say is that the Trulia clients are truly savvy buyers.  The clients that come to me from Trulia for Real Estate services are fantastic.  These buyers really have done their homework “Thanks to Trulia”.   Every one of my Trulia clients has found the resources they want and need which creates great  loyalty and confidence.  In the past 6 weeks I have closed 3 deals priced from $300k to $600k all due to my Trulia Local Ad’s campaign and the guidance of my account representative Beau Knight.  Beau really cares about my success and often calls me to inform me of new Trulia resources that he feels would increase my success. So far so good Beau.”

Dwyane Wade is possibly leaving the Heat for a new team with less sunny weather. But that doesn’t mean that the real estate in other locations isn’t just as hot! Check out these new home suggestions for his possible move.

	Chicago - 1930 North Howe Street, Chicago, IL Dwyane is a man of good taste, which is why I think he’d love this home in Lincoln Park in Chicago. 8200 sqft? Plenty of room for him to hang with Charles Barkley. (I like to pretend those commercials are real…)
	New York - 3 East 94th Street, New York, NY If 8200 sqft isn’t large enough, this 11,700 sqft, 6 floor home just might fit the bill. 5 wood-burning fireplaces, a skylit centercase and indoor pool and jacuzzi could provide the perfect balance of relaxation and exercise for an NBA player. And a nearly $2 million price cut is quite appealing!
	New Jersey - 25 North Moore Street, New York, NY Okay, so this may not be in New Jersey, but the Tribeca location splits the difference between the Nets current East Rutherford and upcoming Brooklyn homes. This 3 level condo has tons of windows for great city views and natural light, plus a master bath to die for.