South Florida's veritable flea market of cheap homes and condos drew hundreds of new buyers into the housing market in February, driving a significant surge in sales, according to numbers released Monday by the Florida Association of Realtors.
Prices remained in a free fall, however, pushing more homeowners underwater and placing more in jeopardy of foreclosure amid a weakening economy.
In Miami-Dade, sales of single-family homes rose 68 percent compared to a year ago. Condo sales were up 71 percent. In Broward, single-family home sales were up 39 percent. Condo sales rose by 27 percent.
The median house price in Miami-Dade fell 36 percent last month to $195,500; the median condo price plunged by 50 percent to $146,100.
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In Broward, the median single-family home price was down 30 percent to $214,400; the median condo price was down 39 percent to $85,800.
Read the full story at MiamiHerald.com