CORRECTION: This article has been updated to correct an error. Trulia was not the first real estate-related company to roll out a price-tracking tool to the public. ZipRealty announced the debut of a "Price Track" tool in 2006 (see article), and Redfin.com last year released a price-reduction search filter.

Trulia Inc. has rolled out a new tool to allow consumers to search for properties whose owners have slashed their asking price after listing them for sale.

In announcing its new price-reduction search filter, Trulia released data showing that about one in four live listings on the site have seen at least one price cut in the last year, ranging from 6 percent to 16 percent on average in 15 major markets.

More than 30 percent of listings in New York City, Los Angeles and Phoenix had been subjected to price reductions during the year ending April 13, Trulia said.

The average reduction was smallest in Houston (6 percent), Denver (7 percent) and Albuquerque (7 percent), and largest in Las Vegas (16 percent), Miami (15 percent) and New York City (14 percent).

The price reduction search tool is accessible from the Trulia.com home page and can also be selected as an option in refining search results or as an additional search filter in an advanced search. Detailed information regarding multiple price reductions and prior sold data is also available on each property listing page.

Online brokerage Redfin this week said it’s now offering consumers who register to use the company’s Web site the ability to see additional listing details on a listing’s history, including past listings and price reductions in markets where such data is available to Virtual Office Web (VOW) site operators (see story).

In 2006, ZipRealty announced the launch of a "Price Track" feature that displays a for-sale home’s price history, including the amount and date of each price reduction (see Inman News).

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're giving away 3 free ICLV tickets at Connect Now next week. Register and attend live for your chance to win!REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription