Distressed sales pummel SF home prices, especially in Palm Beach County

Jan.January 09, 2012 02:15 PM

Thanks to downward pressure from the glut of foreclosed properties, home prices declined in South Florida in November, according to a home price report released today by CoreLogic, with Palm Beach County faring the worst.

Home prices in Palm Beach County fell 10 percent from November 2010 when factoring in distressed sales. The county’s prices remained the same when sales of distressed properties were excluded from the equation.

Over the same period, Broward County prices dropped 1.7 percent, and were about equal to last year’s level without distressed sales. Miami-Dade prices stumbled one-half of a percentage point, but without taking distressed sales into account they actually gained 6.4 percent, which confirms numerous anecdotal reports of the market’s strength. Nationally, prices decreased 4.3 percent with distressed sales and 0.6 percent without them.

“With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. Distressed sales continue to put downward pressure on prices and is a factor that must be addressed in 2012 for a housing recovery to become a reality,” said Mark Fleming, chief economist for CoreLogic.

Florida as a whole outperformed the country, as home prices fell just 3.7 percent year-over-year, and 0.7 percent excluding distressed sales. – Adam Fusfeld

Related Articles

Zillow CEO Rich Barton (Credit: iStock)

Zillow Offers launches in South Florida

(Credit: iStock)

Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade

Miami skyline (Credit: iStock)

Bringing some sunshine to South Florida’s opaque resi report outlook

June residential sales plummet (Credit: iStock)

Resi sales plummet across South Florida’s three counties in June

South Florida skyline (Credit: iStock)

South Florida resi markets reported choppy sales in Q2: Elliman

The Miami skyline (Credit: iStock)

South Florida home sales rise in May as price growth slows

Coco Amar

May home sales rise almost 10% in Naples amid eastward market shift

Brenda Fioretti, managing broker at Berkshire Hathaway HomeServices Florida Realty (Credit: LinkedIn)

April sales of Naples-area houses and condos rose 12.8% as median price fell