Home prices continued to drop while sales increased in October, according to figures released Monday by the Florida Association of Realtors.
Prices for existing single-family homes dropped 30 percent in Miami-Dade County and 29 percent in Broward compared to October last year. Similarly, existing condominium prices fell 26 percent in Miami-Dade and 28 percent in Broward compared to the same period 12 months ago.
The median price for single-family homes in South Florida was $246,800 in Miami-Dade and $252,500 in Broward. For condos, the October median price was $197,400 in Miami-Dade and $115,200 in Broward.
The steep price drops spurred sales. For the third month in a row, sales increased at a healthy clip compared to a year ago.
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Existing single-family home sales were up 23 percent in Miami-Dade and 46 percent in Broward. Condo sales increased 30 percent in Broward and eked out a 1 percent gain in Miami-Dade.
The increased sales pushed down a bit from September the outsized inventory of unsold homes, though the overall housing market remains weighed done by a giant oversupply of homes for sale.