The Real Deal Miami

Broward home values drop 31 percent

November 05, 2008 10:44AM

A Broward County report says the average single-family home here has lost 31 percent in value since a November 2005 high. The Environmental Protection and Growth Management Department report said the average home sold for $391,100 three years ago, compared to $269,800 this August. Over the past year, values slid 27 percent. Sales have also plunged — in the first eight months of 2008, 4,002 homes were sold, compared to 10,150 in the first eight months of 2004. The report said one in 112 households in the county are facing foreclosure, compared with one in 194 statewide and one in 416 nationally. It said new building permits are constrained not only by the economy but by a lack of raw land. Build-out of the county is predicted in 2015.