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Home Sales Less Than Sunny In South Florida

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Aug 27, 2007 2:02 pm US/Eastern

Home Sales Less Than Sunny In South Florida

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(CBS4) South Florida continued its downward trend in the housing market in July.

Sales of existing homes were off across the board according to the numbers released Monday by the Florida Association of Realtors. In Broward, sales of existing single family homes were off by 22-percent compared to a year ago; in Miami Dade that number was 25-percent. Our news partners at the Miami Herald report condo sales in Miami-Dade were off by 39-percent compared to last year. Sales of condos in Broward were down 19-percent. Statewide, sales were off by 24-percent compared to last year.

Selling prices were off only slightly in July. The median price for an existing single-family house in Miami Dade was $377,400, which is a 1-percent decrease from last year. The median price in Broward for a single family was $373,700, a 2-percent decrease from last year. Condos were averaging $187,200 in Broward – 10-percent drop from last year. In Miami Dade, the average price was $285,800 which was a 13-percent increase from the year before.

((© 2006 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
CBS4 news partner The Miami Herald contributed material for this repo)

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