South Florida Home Prices Remain Low in January

South Florida home prices for single-family homes inched downward in Fort Lauderdale and West Palm Beach-Boca Raton for January, as Miami registered an increase. The number of sales in each area fell.

The 5 percent rise put the Miami housing market at $395,900 in January, up from $376,300 during the same month the year before. The number of homes sold dropped 9 percent, to 528 homes from 580 homes.

In December, the median single-family home price in Miami was $380,100 on 639 home sales.

In Fort Lauderdale, the 2 percent median price decline was to $364,500 from $370,500, as the number of homes sold declined 17 percent, to 458 homes from 552 homes.

In December, the median single-family home price in Fort Lauderdale was $367,600, still out of the range of most hopeful Florida mortgage loan borrowers.

The 1 percent decline in West Palm Beach-Boca Raton pulled median prices to $388,000 from $393,700, as the number of homes sold declined 15 percent, to 496 homes from 586 homes.

Near South Florida, year-over-year January median prices declined:
- 7 percent in Fort Myers-Cape Coral, to $266,900 from $287,200, as the number of homes sold declined 34 percent, to 492 homes from 751 homes
- 8 percent in Fort Pierce-Port St. Lucie, to $241,000 from $261,500, as the number of homes sold declined 27 percent, to 252 homes from 343 homes
- 8 percent in Melbourne-Titusville-Palm Bay, to $202,500 from $219,100, as the number of homes sold rose 13 percent, to 333 homes from 296 homes
- 12 percent in Punta Gorda, to $199,400 from $227,400, as the number of homes sold declined 20 percent, to 155 homes from 194 homes

As prices drop, individuals should take note. This is a great time to apply for a Florida home mortgage. Do so before values rise once again.