Home prices drop to 2003 levels in November

Median single-family home prices in South Florida dropped to 2003
levels in November, according to data from the Florida Association of
Realtors. In Miami-Dade prices fell 48 percent compared to November
2007, and in Broward home prices were down 34 percent. In Palm Beach County, prices fell 28 percent
year-over-year. But sales continued to rise as sellers cut prices and
banks sold off foreclosed homes. Sales of existing single-family homes
in Miami-Dade were up 39 percent in November compared to November 2007,
and sales in Broward were up 26 percent.