Home sales surge while prices plummet

By Palm Beach Business.com

DELRAY BEACH — Spurred in part by low mortgage rates, used-home homes statewide and in Palm Beach County continued to surge in March.

But prices continued to tumble as well.

Statewide sales increased 30 percent to 13,085 from 10,080 a year ago, but the median price fell 30 percent to $141,300 from $201,700 a year earlier, according to the latest report from the Florida Association of Realtors.

In Pam Beach County, sales totaled 685 from 572, a gain of 20 percent, while the median price dropped 29 percent to $228,100 from $320,200 according to FAR.   

Industry analysts with the National Association of Realtors report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.

Nationally, the median price dropped to $177,000, according to NAR.

In Broward County, used home sales gained 47 percent to 680 from 463 a year ago, while the median price fell 30 percent to $219,500 from $311,400.

In Miami-Dade, sales soared 101 percent, to 556 from 276, while the price fell 39 cents to $205,600 from $337,900.

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APRIL 24, 2009 click to go home
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