Even as the United States economy is in a recession and mortgage lending remains very tight, bargains on new and existing homes are driving sales across Florida. Statewide, sales increased 15 percent for the month as the median price fell 24 percent to $169,700. Sales for October in Broward County rose 46 percent, according to the Florida Association of Realtors. The median price dropped 29 percent to $252,500 from $354,000 a year ago.
These figures are in part a reflection of contracts that were signed during the summer prior to the Wall Street crisis. Prices are expected to continue to drop. Condominiums followed the same trend, with sales in October up 30 percent while prices dropped 28 percent.
In Palm Beach County, October sales were up 37 percent as the median price fell 24 percent to $169,700. Nationally, sales dropped 3.1 percent for the month and the median sales price was down 11.3 percent from a year ago to $183,000.
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