S. Florida home sales up in October on sharply lower prices

Miami HeraldNovember 24, 2008 

Home prices continued to drop while sales increased in October, according to figures released Monday by the Florida Association of Realtors.

Prices for existing single-family homes dropped 30 percent in Miami-Dade County and 29 percent in Broward compared to October last year. Similarly, existing condominium prices fell 26 percent in Miami-Dade and 28 percent in Broward compared to the same period 12 months ago.

The median price for single-family homes in South Florida was $246,800 in Miami-Dade and $252,500 in Broward. For condos, the October median price was $197,400 in Miami-Dade and $115,200 in Broward.

The steep price drops spurred sales. For the third month in a row, sales increased at a healthy clip compared to a year ago.

Existing single-family home sales were up 23 percent in Miami-Dade and 46 percent in Broward. Condo sales increased 30 percent in Broward and eked out a 1 percent gain in Miami-Dade.

The increased sales pushed down a bit from September the outsized inventory of unsold homes, though the overall housing market remains weighed done by a giant oversupply of homes for sale.

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