Are sellers cutting prices in Miami?

The latest numbers show that about 15% of homes for sale in Miami had a price cut. This is nearly 4.5 percentage points fewer than what we saw last year. So, fewer sellers are lowering their prices compared to last year.Prices are down a little bit overall. The typical listing price is $499,000, which is just slightly down by 0.1% from the prior month and 2.2% lower than a year ago.Even though there are fewer price cuts, homes are staying on the market a little longer. The typical home now sits for 79 days before selling, which is about 2.6% longer than last year. There are also fewer homes for sale overall, with active listings down by 15.4% compared to a year ago.For sellers, this means fewer price cuts, but homes might take a bit longer to sell. For buyers, there are fewer homes to choose from, but prices are generally a little lower than they were previously.