Broward Housing Market still hasn’t hit bottom

The Broward Housing Market continues to slump last month showing no sign of bottoming out yet.Sales of existing homes in Broward County dropped 23% in August 2007 (538) compared to August 2006 (702).  The median price of homes actually went up to $368,800 compared to $362,800 of August last year, but down to $373,700 from July.

Broward’s condo market was also sluggish last month.  Sales decreased 22% and the median price dropped to $178,800 compared to $204,300 last August.

Unfortunately, these statistics reveal that the Broward Housing Market has not hit the bottom yet.