South Florida’s prolonged housing slump meandered into May, with prices and sales of existing homes falling from a year ago.
Adding to the misery is a recent dose of gloomy economic news, coupled with rising mortgage rates, that could deepen the housing downturn through the second half of 2008.
Broward County’s median price last month was $296,800, down 19 percent from $367,700 in May 2007, the Florida Association of Realtors said Thursday. The county had 530 homes change hands, off 8 percent from 574 a year ago.
Despite the year-over-year decline, sales have increased in each month since January, leading some analysts to suggest that sales already have hit bottom. But that optimistic outlook may be premature.
Click here to read the full article …
