Home sales continue to slide statewide

DELRAY BEACH — Anyone looking for signs of life in the housing market was sorely disappointed by the latest numbers from the Florida Association of Realtors.

FAR Wednesday reported that the number of used homes sold statewide in the third quarter fell 29 percent to 31,910 from 44,776 a year ago.

The median price — half of all homes sell for more, half for less — fell 6 percent to $232,100 from 246,800.

FAR said the numbers reflect high inventory levels of homes for sale, median prices edging down and sales activity levels that reflect the effect of mortgage disruptions and tighter lending standards.

The picture was about as bad in South Florida, according to the FAR report

In Palm Beach County, the number of used homes sold fell 15 percent to 1,644 from 1,935. The median price fell 4 percent to $365,400 from $380,900.

In Broward, homes sold fell 23 percent to 1,498 from 2,130 a year ago; the median price dropped 2 percent to $364,000 to $371,000.

In Miami-Dade, used homes sold dropped 42 percent to 1,250 from 2,137; the median price gained 1 percent to $380,400 from $371,400.

Meanwhile, the National Association of Realtors expects a modest recovery to occur in 2008 as the impact of the credit crunch subsides.

"Over the near term, home sales are likely to be fairly flat as the lingering impact of the credit crunch filters through the system through the end of the year," NAR Chief Economist Lawrence Yun said. "In some ways, the extended real estate boom from 2001 to 2005 created unrealistic expectations that housing is a short-term, high- yield investment. 2007 will be the fifth best year for housing on record."