Builders are offering bigger price cuts for new homes in the Tampa Bay area even though the demand for homes is said to outpace the supply.
In the first quarter of last year, prices were reduced on 27 percent of new homes with an average cut of 2.3 percent, Zillow found. In the fourth quarter of the year, prices were reduced on 32.3 percent of homes with an average cut of 3.3 percent. Those cuts dropped the median price of a new bay area home to $289,900 at the end of the year versus $329,900 early in the year.
Nationally, 25 percent of new-construction homes had a price cut in the fourth quarter, compared with 19.2 percent in the first quarter. That mirrors a trend seen in the overall housing market, with price cuts becoming more common.
Contact Susan Taylor Martin at firstname.lastname@example.org or (727) 893-8642. Follow @susanskate.