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Interesting article in the local paper. Please read and tell me if you "smell" the same thing I "smell" here. Opportunity or Disaster ??

 

Home sales plunge in Palm Beach County, Treasure Coast

 

By Linda Rawls

Palm Beach Post Staff Writer

Tuesday, Nov. 23

 

The lingering effects of two major hurricanes continued to dampen existing home sales in Palm Beach County and the Treasure Coast last month, but prices continued to soar, the Florida Association of Realtors said Tuesday.

 

Palm Beach County home sales took the biggest hit in the state, plunging 32 percent in October compared with the same month a year ago, to 984 sales from 1,457 in October 2003.

 

The median price -- half cost more, half less -- of an existing home in Palm Beach County rose to $335,100, up 36 percent from October 2003's median price of $246,600, the report said.

 

Treasure Coast sales dropped 22 percent, to 426 from 543 in the same month a year ago, the report said. Statewide, home sales declined 11 percent as buyers struggled with repairs and reinspections of damaged properties, filing insurance claims and other post-hurricane problems.

 

The median price of an existing home in the Treasure Coast rose 35 percent last month, to $224,800 from $166,700 in October 2003. The area continues to shed its long-held position as an oasis of affordability in a sea of high-rising real estate prices, the report shows.

 

Nationwide, home sales rose to the fourth-highest level on record, a seasonally adjusted annual rate of 6.75 million, up 6 percent from a rate of 6.39 million in October 2003, the National Association of Realtors said Tuesday.

 

The median price of an existing home nationwide rose 9 percent for the second month in a row, to $187,000 from $171,800 in October 2003, the national association said.

 

Sales are down, but, prices are up. :lol::lol:<_<

 

Should I be jumping up and down here? ;)

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Rich, similar articles have been posted recently about the market here in Broward and Dade counties. Sales are down, but prices are up. This is more weather related than anything else, in my opinion. I could be wrong, of course. But, I think the key will be to see what happens during the next month or two. If the trend to declining sales continues, then prices will begin to follow.

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