The Real Deal Miami

Buyers hunt for bottom

March 25, 2009 11:22AM

Bargain seeking purchasers are chasing the lowest prices they’ve seen and driving up sales of existing homes in South Florida. That doesn’t mean an end to those price declines. February’s nationwide sales figures, combined with low mortgage rates and government moves to restart lending, suggest the market has reached a pivotal point. Most analysts believe prices still have much further to fall and that recovery remains at least a year away. Moody’s estimates prices will drop another 51 percent in both Miami-Dade and Broward counties from November 2008 before they reach a trough in the first half of 2011.