Prices slashed on 25% of homes in Miami in Q3

Twenty-five percent of homes listed for sale in Miami have had their prices reduced at least once between June and December, according to Trulia. The national figure is 22 percent.

The San Francisco-based real estate Web site found the average price reduction in Miami was 15 percent, while the national figure was 11 percent, up slightly from 10 percent in the previous quarter.

Statewide, 23 percent of listings had price reductions in the last quarter, with an average reduction of 13 percent, or $53,591.

Nationwide, total listings fell 9 percent in December from the previous month, with the total amount slashed from home prices falling to $24.7 billion in December from $28.1 billion in November.

“The tax credit extension has provided sellers with a much bigger window of opportunity, creating significantly less pressure to sell now,” Trulia co-founder and CEO Pete Flint said in a news release. “With economic indicators showing positive signs during the past couple months, many sellers will be poised to wait to sell. They want to sell at the highest price possible and, as inventory levels are seeing a 9 percent decrease from the previous month, there will be less competition amongst sellers, leading to less price reductions in the near term.”

Cities that have experienced significant increases in percentage of listings with price reductions in the third quarter include:

  • Kansas City, Mo. – 40%
  • Omaha, Neb. – 39%
  • Houston – 32%
  • Minneapolis – 29%
  • Arlington, Va. – 28%

Cities with the highest percentage of declines for listings with price reductions between June and November include:

  • Las Vegas – 30%
  • San Jose, Calif. – 30%
  • Long Beach, Calif. – 25%
  • Honolulu – 23%
  • Albuquerque, N.M. – 22%