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South Florida Real Estate: Sales Up, Prices Fall

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Dec 23, 2008 2:04 pm US/Eastern

South Florida Real Estate: Sales Up, Prices Fall

MIAMI (CBS4) ― November brought both good news and bad news to South Florida's turbulent housing market.

Sales took a dramatic jump compared to the same month a year ago. In Miami Dade, sales of existing single family homes was up 39 percent compared to November, 2007; in Broward sales were up 26 percent. Condo sales also saw an increase, up 4 percent in Miami Dade and 3 percent in Broward compared to last November. Analysts said sales were spurred by banks unloading for foreclosed home and individual sellers cutting prices.

Home buyers also saw some of the lowest prices in years. According to the Florida Association of Realtors, median prices for a single family home in South Florida dropped to November, 2003, levels. In Miami Dade, the median price for a single-family house was about $224,700; in Broward $229,100. Condo prices also took a dip. In Broward the median price was $109,400, $172,600 in Miami Dade.

(© MMIX CBS Television Stations. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report)

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