Breathe deeply, hot-under-the-collar home sellers. South Florida’s housing slump continued in June, hitting the 18-month mark. Analysts who had predicted an improvement this year now are pointing to the second half of 2008 or later.
The median price of an existing home in Palm Beach County last month fell 6.8 percent to $377,900 from $405,500 a year ago, the Florida Association of Realtors said Wednesday. Sales tumbled 19 percent, to 764 from 947.
The fallout from the subprime mortgage mess and the dramatic rise in the number of properties on the market have deepened the regional downturn. The county’s existing home sales, for example, are off 20 percent in the first half of 2007, compared with a year ago.
Sales increased 3 percent, to 529 from 512 a year ago. The median price fell $6,600, to $201,500 from $208,100. South Florida condo markets have been particularly volatile from month to month in 2007.
The housing slowdown also is apparent in other parts of Florida and the nation.
Median home prices in June fell in nearly every other part of the state, although Broward County’s rose 1 percent to $382,000. Broward sales declined 22 percent.
Statewide, the median price fell $13,000, to $243,200 from $256,200 a year ago, and sales plummeted 30 percent
Paul Owers can be reached at powers (at) sun-sentinel (dot) com or 561-243-6529.
