According to a report released by ZipRealty just over 40 percent of available homes for sale in the U.S. had reduced prices in March. Jacksonville FL, Phoenix AZ and Orlando FL lead the country with the highest percentage of homes for sale that have had at least one price reduction, at 50.3 percent, 50.1 and 47.2 percent respectively.
Other highlights from the report:
- The median price reduction in Miami was $33,000
- Miami had the largest price reduction percentage of 14.16 percent
- The number of “for sale” homes in Las Vegas declined by more than 6 percent in March compared to a month prior
- The median price reduction of for sale homes in Las Vegas increased to $24,000 in March, up $1,000 from the February median.
- The median price reduction nationwide is $20,200
- Of the 26 metro areas included in the Zip Realty report, Austin, TX had the smallest price reduction (as a percentage of original list price) at 4.15 percent. Austin’s median price reduction was $10,600 for March.
- Markets with the lowest percentage of listings with price-reductions were Denver (28.9 percent), San Francisco (32.3 percent) and San Diego (33.9 percent)
- Markets with the largest median price reduction in absolute dollars were San Francisco ($40,000), Orange County, CA ($38,100), San Diego ($34,300), Miami/Ft. Lauderdale/Palm Beach ($33,000) and Los Angeles ($30,000)