Industry NewsMarkets & Economy

Sunshine for Florida real estate?

Slashed prices lead to sales boom

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

While the median resale home price in the Fort Myers, Fla., area has been sawed in half in the past year, according to industry data, real estate professionals say they are seeing a sales boom that may hoist the market from the doldrums. On Wednesday, the National Association of Realtors reported that the median price of previously owned single-family homes in the Cape Coral-Fort Myers metro area in Southwest Florida flew down 52.8 percent in one year, from $178,100 in second-quarter 2008 to $84,000 in second-quarter 2009. It was the sharpest year-over-year drop in the second quarter among 155 U.S. metro areas tracked by the Realtor trade group. Next on the list was the Las Vegas-Paradise, Nev., metro area, which experienced a 39.7 percent drop: from $235,300 in second-quarter 2008 to $141,800 in the same quarter this year. Both areas -- not by coincidence -- are also hotbeds for foreclosure activity. The Las Vegas metro area had the highest rate of foreclosure filings (o...