FT. LAUDERDALE – The December edition of Broward-by-the-Numbers, an electronic monthly report published by Broward County’s Planning Service Division, an agency within the Urban Planning and Redevelopment Department, provides a FLASH on the Economy.
The FLASH reports that while the median price of existing single-family homes dropped nationally to $205,700 in October 2007, according to data from the National Association of Realtors®, a decline of 6.3 percent from October 2006. However, the median price of existing single-family homes in Broward County actually rose 1.3 percent to $354,000 in October 2007, according to data from the Florida Association of Realtors® and the University of Florida Real Estate Research Center. Over the same time period (October 2006-October 2007), the median price of existing condominiums rose 4.9 percent nationally, but declined 24.2 percent in Broward County. The median price of existing condominiums in Broward County was $159,300 in October 2007.
The report states that foreclosure rates continue to rise across the country. In the third quarter of 2007, the Fort Lauderdale Metropolitan Statistical Area (MSA) was among the large metropolitan statistical areas with top 10 foreclosure rates—one foreclosure filing for every 48 households, according to RealtyTrac® data.
In examining economic growth, unemployment and inflation, the December FLASH edition of Broward-by-the-Numbers concluded that weakness in the housing and credit markets will dampen economic activity in Broward County in 2008 and will result in potentially small increases or even declines in property values — the tax base for County revenue.