Florida Leads U.S. in Home Price Reductions

by admin

Florida tops the list when it comes to the number of homes that have reduced their list prices. According to a January report from ZipRealty, the biggest percentage discounts from homes’ original list price was Orlando (12.5 percent), Jacksonville (12.1 percent) and South Florida (11.9 percent).

Miami-Dade, Broward and Palm Beach counties had the nation’s fourth-highest median price reduction: $25,000. Only San Francisco, at $32,500, Orange County, California, at $31,000, and San Diego, at $29,100, were worse.

Image by © Beathan/Corbis

ZipRealty got its numbers from MLS data in 26 of the 35 major metro areas where the brokerage operates.

In more than half of the surveyed markets, including South Florida, sellers are averaging at least two price reductions.

“Inventory has grown throughout much of the year,” John Oldham, spokesman for ZipRealty, said in a statement. “As sellers face the pressure of more buying options, they seem to be discounting to attract buyers, resulting in list prices being cut for over 46 percent of the homes.”

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