Tax credit, low prices drive Broward and Palm Beach home sales up in October

The volume of October home sales was up in both Broward and Palm Beach counties, helped along by the homebuyer tax credit and rock-bottom prices. According to the Florida Association of Realtors, Broward saw a 32 percent increase and Palm Beach saw a 36 percent increase in existing home sales. Median prices were $211,600 and $243,900, respectively. For Broward, that meant a 16 percent price drop from last year, and for Palm Beach, the drop was 8 percent. Existing condo sales experienced similar trends. The extension of the tax credit may actually drive down sales in the immediate future, however, because buyers will lose the sense of immediacy, analysts said. [Sun-Sentinel]