The Real Deal Miami

Prices keep plunging

February 03, 2009 11:28AM

Zillow.com, a real estate consultancy, reports that overall home values in the Miami-Fort Lauderdale area fell 23.5 percent year over year to nearly $196,000 in 2008. The median home sale price dropped to $195,863, down from the market peak of more than $300,000 in 2006, with 34.5 percent of all homes selling at a loss. Nationwide, home values fell for the eighth consecutive quarter, declining 11.6 percent to $192,119. That means homeowners lost a cumulative $3.3 trillion in home values during 2008, with much of the loss coming in the fourth quarter.