Miami Herald: S. Florida home prices continue slide

Posted on Fri, May. 23, 2008

BY MONICA HATCHER

mhatcher@MiamiHerald.com 

In Miami-Dade, the median price of an existing home fell by 24 percent from $382,300 to $291,900. In Broward, the median price tumbled 18 percent from $363,800 to $298,100, according to numbers from the Florida Association of Realtors.

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Single-family home prices in Miami-Dade and Broward counties continued their downward slide last month, posting more double digit dips in April, as the market sagged under the large numbers of homes for sale.

In Miami-Dade, the median price of an existing home fell by 24 percent from $382,300 to $291,900. In Broward, the median price tumbled 18 percent from $363,800 to $298,100, according to numbers from the Florida Association of Realtors.

The number of homes sold in Miami-Dade fell 47 percent, slightly better than the previous month. In Broward, sales were down a more modest 11 percent, also better than March. In the condo market, the median-priced unit in Miami-Dade ticked up 3 percent from $268,000 to $275,000, but on sales that dropped 56 percent. Following a months-long trend, condos in Broward fell 24 percent from $197,800 to $150,000 on sales that dropped 13 percent. [Read more...]