By Paul Owers | South Florida Sun-Sentinel
9:11 PM EST, January 24, 2008
December capped the worst year for South Florida’s housing market in at least three decades and put the lingering slump at 24 months and counting.
“I think you’d probably want to bury 2007 in the back yard and forget about it,” said Mike Larson, a housing analyst with Weiss Research in Jupiter.
In fact, this three-county region now is the toughest place in the country to sell a home. It takes an average of 143 days, the most in the nation, according to a report released this month by Real IQ and Altos Research Co.
Palm Beach County existing home sales last year fell 19 percent, to 6,971 from 8,640, the Florida Association of Realtors said Thursday. It was by far the fewest homes to change hands in a single year countywide since the Realtors’ group started keeping track in 1994.
The median price of an existing home last year dropped 4 percent to $369,400 from $384,700 in 2006. It’s the second consecutive annual price decline.
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http://www.sun-sentinel.com/business/sfl-0124housing,0,4343803.story
