The Real Deal Miami

South Florida median prices down in July

August 25, 2008 05:36PM

In South Florida, median prices for single-family homes and condos saw an overall
decrease in prices in July compared to last year, according to a report by the Florida Association of Realtors, and many areas saw sales picking up.

Sales of single-family homes in Fort Lauderdale increased 4 percent, from 559 to 581 sales, in July compared to the same time last year. The median price fell 19 percent, from $373,700 to $303,600. Condo sales in Fort Lauderdale fell 1 percent, from 562 to 559, with a 26 percent median price decrease from $187,200 to $138,300.

Miami single-family home sales fell 22 percent, from 505 to 392, in July compared to last year. Miami’s median price saw a decrease, falling 14 percent from $377,400 to $322,700. Condo sales also fell 22 percent, from 509 to 395 in July compared to last year, with a 19 percent median price decrease. The median price fell from $285,800 to $230,700.

In West Palm Beach-Boca Raton, there was an 8 percent increase in single family home sales in July, rising to 652 from 605 during the same time last year. The median price in the area fell 22 percent, from $372,200 to $291,300.

The condo market in West Palm Beach-Boca Raton had a 16 percent increase in sales, from 440 sales in July 2007 to 510 sales in July 2008. The median price fell 15 percent, from $178,200 to $152,300. TRD