Florida tops the nation in home price cuts

Homes in the Miami-Fort Lauderdale-Palm Beach metropolitan area had the fourth-largest median price reduction in the nation — $25,000 — last month, according to a new report from Zillow.com. By percentage, the area ranked third in the country for discounts off of the original listing price, at 11.9 percent, behind both Orlando and Jacksonville, whose for-sale homes had discounts of 12.5 percent and 12.1 percent, respectively. Nonetheless, listing prices in Miami inched up to $185,000 in January from $180,000 in December, the report says. Nationwide, the number of price-reduced homes on the market rose by 4.1 percent from December. TRD