Miami Real Estate news

Twenty-three percent of the homes for sale in Miami reduced their listing price by an average of 14 percent between July and August, according to the real estate search company Trulia.

That’s lower than the national average of 25 percent.

The total dollar amount cut in Miami was $173.2 million. Nationwide, it was $30.1 billion, with the average discount on price-reduced homes continuing to hold at 10 percent off of the original listing price, according to the report.

“With one out of every four homes experiencing at least one price reduction, sellers are feeling no relief this summer, in a market climate of fewer qualified buyers and widespread uncertainty about the job market,” Trulia co-founder and CEO Pete Flint said in a news release. “I stated at the beginning of the year that I did not expect to see the housing market stabilize or recover in 2010, and I believe that prediction is being proven true today. We will be bouncing around the bottom for months to come.”

Sellers of luxury homes – those listed at $2 million and above – continue to slash prices, cutting 14 percent off of the original listing price, on average. By comparison, the average discount for homes priced less than $2 million remains at 9 percent.

Minneapolis breaks the national record for the highest percentage of listings experiencing at least one price reduction (42 percent), Trulia reported, adding that no other city has reached this mark since it started tracking home price reductions in April 2009.

Las Vegas saw the most dramatic increase, at 56 percent, month-over-month. Cities in California also experienced notable increases, with San Diego and Los Angeles increasing by 15 percent and 12 percent, respectively, from July to August. Fresno saw a 28 percent increase in the rate of price reductions, while San Jose experienced a 13 percent increase. New York, which had a 15 percent increase, was the only city on the East Coast to see a double-digit percentage increase.

By South Florida Business Journal