South Florida Home Prices Fall

No surprise here. With so many people’s unemployment running out, and the general state of decay of the Florida’s economy…Besides, so many foreclosures are not even on the market yet, creating even less of an incentive to purchase.

That said, for investors and for first-time buyers, it is definitely a wonderful time to purchase if you can see yourself holding on the property for at least 5 to 10 years.

“South Florida home prices decreased for the third month in a row in October, reaching the lowest level since the real estate market crash began three years ago, according to Standard & Poor’s Case-Shiller 20-city housing index released Tuesday.

Home prices in the Miami area dropped 1.1 percent from September to October, after sliding 1.2 percent the month before. Compared to October of last year, Miami home prices were down 3.4 percent, according to the index, which includes properties in Broward, Miami-Dade and Palm Beach counties.

The index tracks repeat sales of existing homes and does not include condos — which make up the majority of sales in South Florida.

The national home price index fell 0.8 percent from October of last year. Miami was one of six cities surveyed that saw prices reach their lowest levels since 2006. Month-over-month, all 20 cities surveyed saw price declines in October.

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