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The Real Deal Miami

Florida tops the nation in home price cuts

February 14, 2011 04:25PM

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 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