The Standard & Poor’s/Case-Shiller 20-city index declined 15.8% from last years levels, signalling home values in other areas are falling as well. For a few years it felt like SW Florida was the only area falling in price. This was the worst price decline ever recorded nationwide. The SW Florida area lost 32% in median home value from last year, down from $253,900 to $172,400. Median home values can be deceiving though and may not be indicative of the entire market.
We’ll have more updates on the local SW Florida real estate sales market, including official sales numbers released by the Florida Association of Realtors in the coming days.