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South Florida Home Prices Steadily Slow in June |
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Tuesday, Florida Association of Realtors reported that South Florida
home prices were flat or up slightly in June while sales were largely
down, as the stalled housing market trudged through the summer months.
The number of single-family homes and condominiums sold in June dropped
more than 30 percent compared to the same period a year ago. Sales in
June were almost unchanged compared to May.
Home prices, meanwhile, were flat in Broward both compared to last year
and to May. Miami-Dade house prices were up 4 percent compared to a
year ago and flat compared to the previous month. Condo prices were up
modestly compared to a year ago: up three percent in Miami-Dade and
five percent in Broward.
A median-priced single-family home in June cost $378,000 in Miami-Dade
and $377,400 in Broward. Median prices condos in June went for $257,600
in Miami-Dade and $212,300 in Broward.
Throughout the year South Florida's formerly red-hot housing market has
continued to cool as mortgage rates crept up, investors fled the market
and prices soared beyond the reach of too many buyers. The inventory of
homes has skyrocketed in South Florida as many sellers refused to drop
prices and buyers became ever willing to wait it out for a better deal.
By Mabelle Sese
http://realestatepress.org |