Posted on Thursday, January 13, 2011
South Florida home values fell 1.1 percent from October to November, according to data from Zillow. Year-over-year, home values fell by 15.4 percent.
The real estate website reported that 50 percent of homes in the tri-county area sold for a loss, while prices on 22.2 percent of homes on the market have been cut. That’s about 2 percent fewer sellers slashing prices than the same time last year.
The median price cut in South Florida was 9.6 percent, the median listing price was $200,000 and the median sales price was $154,400.
Nationwide, 25.8 percent of all homes for sale on Zillow had at least one price reduction by the end of December. That’s down from November, when 29.7 percent of listings had a price reduction.
Price reductions peaked in July, when 36.5 percent of homes for sale on Zillow had at least one price reduction.
The amount of the reduction also fell in December, with home prices down by median of 7 percent. Median pricing cuts peaked at 9.1 percent in February 2009.
In November, the national decline in home values from the market’s peak in June 2006 officially overtook the magnitude of declines during the Great Depression, toppling 26 percent, compared to the 25.9 percent seen from 1928 to 1933. November marked the 53rd consecutive month of home value declines at the national level.
Nationwide, home values fell 0.8 percent, to $177,412, a level last seen in October 2003.
South Florida Business Journal