South Florida home sales rise, prices fall

Home prices in South Florida continued to drop at the end of 2008 even as sales rose, according to data released today by the Florida Association of Realtors. Prices for single-family homes and condominiums dropped more than 30 percent in December 2008 compared to December 2007. In Miami-Dade, home prices fell 41 percent and condo prices 33 percent. In Broward, home prices fell 34 percent and condo prices 43 percent. In Palm Beach County, home prices fell 18 percent in 2008. The falling prices seem to be drawing buyers, since single-family home sales jumped 52 percent year over year in Broward County and 28 percent in Miami-Dade. Condo sales increased 31 percent in Broward and 48 percent in Miami-Dade.