Home Prices Take Another Dip

For the first time since 2004, the median sale price of a single family home in Palm Beach County went below $300,000 in July. That means things are getting more affordable for home buyers, but for those trying to sell, it's a financial nightmare.

"Right now it's tough for a lot people. People are struggling in a lot of different ways," said Denise Connolly of West Palm Beach, who finds herself struggling to sell her recently remodeled home at Parker and Sunset in the city's historic Pineapple Park neighborhood. She's already slashed $100,000 off her 2 bed/2 bath, but no takers. "We've only had one showing. There is so much available out there, it's tough," she said.

Numbers just released Monday show the median sale price for homes in the West Palm Beach-Boca Raton area was $291,300 in July. 1 year ago the average was $372,200 a decrease of 22 per cent.

In the Fort Pierce-Port Saint Lucie housing market, it's even worse: homes in July sold on average at $159,300. Last year the median sale price was $231,300. That's a hefty decrease in value of 31 per cent.

"If you don't have to sell your house right now, don't," said John Mike President of the Realtors Association of the Palm Beaches. He says if you bought your home at a premium during the housing boom of 2005, this is the worst time to sell; you will never get what you payed for. But looking at the glass half full, he says, if you can afford to buy, now is the best time for a good deal. "The number of homes and condos sold this July are up significantly since last July. People are picking up on the good bargains that are out there," he said.

Lastly, more bad news more bad news: the number of foreclosures went up sharply again last month, Up by nearly 2000 from the same period a year ago in Palm Beach County.