Broward, Palm Beach County Home Sales Drop

Was it more of the same in the South Florida housing market? Lowered prices, plummeting sales, frustrated sellers?

Broward County’s median home price increased slightly in March, but experts still aren’t ready to say South Florida’s housing slump is over.

The median price of an existing home sold last month in Broward was $372,400, up 1 percent from $368,100 a year ago. But Delray Beach-based housing consultant David Levin said prices will continue fluctuating, with the downturn likely to continue for the balance of 2007.

“There’s still nothing that says otherwise,” he said of conditions that at least provide Florida mortgage loan applicants with a chance to secure a reasonably priced residence.
The median price in the Palm Beach County housing market last month was $375,100, down 5 percent from $393,700 a year ago.

March home sales fell by 22 in Palm Beach County and 25 percent in Broward overall. That’s typical in the winter, but most Florida home mortgage experts expected these figures to have picked up once the new year rolled around.

The condominium market remained sluggish in both counties. Palm Beach County’s median price was $211,800, down 6 percent from $224,600. Broward’s median condo price was $195,500, down 4 percent from $202,600.

Condo sales fell by 8 percent in Palm Beach County and 32 percent in Broward.

SOURCE: The Sun-Sentinel