Sales of existing homes in two south Florida counties are up, and that’s in large part due to significant price reductions. Sales for Palm Beach and Broward Counties, both north of Miami along the Atlantic Coast, were up in July over the previous year. According to the Florida Association of Realtors, buyers purchased 652 houses in Palm Beach County and 581 houses in Broward County.
For Palm Beach County, the sales for July jumped 8% from 2007 when 605 homes were sold. Prices, however, were much lower this year than last, with the median price of homes dropping 22% to $291,300 from $372,200 a year ago.
Broward County’s July sales were up 4% from last year when 559 homes were sold. Once again, prices took a big drop, as the median home price this year was $303,600 compared to $373,700 a year ago. For both counties, the sales numbers are the first year over year increases since 2006.
Condominium buyers also had some good prices for their purchases, as prices in Broward County fell 26% from a year ago to a median of $138,300. Palm Beach County’s condo sales were up 16% in July from a year ago, with prices down 15%. The median price in July was $152,300, down from $178,200 in 2007.
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