The Real Deal Miami

South Florida home prices fall 17 percent

November 18, 2008 01:29PM

The median sales price for a single-family home in South Florida fell
16.9 percent between third-quarter 2007 and third-quarter 2008, the
National Association of
Realtors said today. In the Miami-Fort Lauderdale metro area, the
median single-family home price in the third quarter was $287,800, down
from $346,300 in the third quarter of 2007. The median South Florida
condominium unit price fell 14.6 percent, to $159,000. Home prices in
the third quarter fell in 120, or four out
of every five, U.S. cities, largely due to foreclosure sales. The
number of
cities showing a decline was the largest such percentage ever seen in
the data,
which goes back to 1979. The steepest price declines were in California.