The Real Deal Miami

NAR report: S. Florida values among hardest hit

August 18, 2008 04:34PM

Home prices in the region fell more than twice the national average from a year ago, according to the National Association of Realtors. A survey that showed home prices fell in three-quarters of U.S. cities, with prices declining an average of 7.6 percent to about $206,500 for single-family homes nationwide, showed far worse results for Miami-Dade, Broward and Palm Beach counties. In South Florida, the median sales price for existing single-family homes fell 19.3 percent to $310,100 in the second quarter compared with last year, according to the report. The median condo price in the region fell 25 percent to $178,300 over the same period.