Business and economic information you need to know
Oct 25, 2008 4:41 pm US/Eastern
S. Fla.'s Existing Home Sales Up For Second Month
MIAMI (CBS4) ―
South Florida's long-struggling housing market is filled with foreclosed houses and dropping prices. But for the second straight month, sales of already-existing homes are on the rise.
According to figures released Friday by the Florida Association of Realtors, single-family home sales jumped 52 percent in Broward County compared with a year ago. Broward County condominium sales are up 38 percent.
In Miami-Dade, single-family home sales were up 14 percent. However, condo sales fell by one percent.
Realtors say the increased activity is a result in a sharp drop in prices. In Miami-Dade county, single-family home prices have fallen 26 percent. In Broward County, similar homes are 25 percent cheaper. Compared with a year ago, condo prices are down 23 percent in Miami-Dade and 25 percent in Broward. Right now, single-family homes are selling at roughly the same prices as seen in 2004. Prices are down because banks are working to unload foreclosed properties. Sellers are being forced to lower their own prices to compete.
In September, the average price of a single-family home in Miami-Dade was $274,600. In Broward County, the average was $259,300. For condos, the average price was $129,600 in Broward County and $212,200 in Miami-Dade.
Across Florida, home sales are finally on the rise after nearly three years. Like in South Florida, home prices are down statewide; homes are selling for an average 22 percent less.
(© 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 This material may not be published, broadcast, rewritten, or redistributed.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)
Business/Economy
Click to enlarge
Stumble It!
