A monthly review of multiple listing service data in 26 market areas found that the median price of for-sale homes rose 1.07 percent in March, to $263,753, according to real estate brokerage company ZipRealty.

Prices have been reduced on 40.35 percent of homes that were for sale in March, which is down slightly from February. And the median price reduction on for-sale homes fell 3.02 percent in March, to $20,200.

Among the market areas studied, Jacksonville, Fla., had the highest percentage of price-reduced homes for sale, at 50.3 percent. Next on the list was Phoenix, at 50.1 percent, and Orlando, at 47.2 percent, ZipRealty reported.

Denver, Colo., had the lowest percentage of price-reduced homes for sale in March, at 28.2 percent, followed by San Francisco at 31.5 percent and San Diego, Calif., at 32 percent.

The median price reduction among market areas studied was highest in San Francisco, at $40,000, followed by Orange County, at $38,100, and San Diego, at $34,300.

Houston and Raleigh, N.C., tied for the lowest median-price reductions among the study areas, at $10,000 per property, followed by Dallas at $10,001.

The Miami market area had the highest level of price reductions from the list price, at 14.89 percent, followed by Orlando, Fla., at 13.16 percent; and Las Vegas, at 12.05 percent, among the 26 market areas reviewed.

The median list price was highest in Orange County, at $565,000, and lowest in Jacksonville and Orlando, both at $165,000, ZipRealty reported.

Data for the report was gathered April 2.

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