Although the market for selling a home is slowly improving, the price a homeowner can get for that home continues to decline nationwide and in South Florida, according to Zillow.
Home sales in the tri-county area rose 48.3%, year-over-year, in the first quarter, and were up 14.7%, quarter-over-quarter.
However, more than half (51.3%) of all homes sold in March in South Florida went at a loss, according to Zillow.
And, in the first quarter, 44.3% of all single-family homeowners in South Florida were underwater with their mortgages at the end of the first quarter, up from 41.2% in the fourth quarter.
Broward County home sellers took the biggest hit, with 54.3% selling at a loss. Miami-Dade home sellers took a loss 53.9% of the time. And 43% of Palm Beach County home sellers took a loss in the first quarter.
Nationwide, 23.3% of single-family homes had mortgages underwater, up from 21.4% in the fourth quarter of 2009.
Home values in Miami-Dade County fell to $160,500, down 19.9%, year-over-year. In Broward County, home values slid 17.3% to $135,900. And in Palm Beach County, home values fell 5.6%, year-over-year, to $158,900.
Nationwide, home values fell 3.8%, year-over-year, to $183,700.
But, home sales were up in the tri-county area. In Miami-Dade, sales rose 66.8%, year-over-year. They were up 55.7% in Broward and up 16.8% in Palm Beach.
"It's a very positive sign that several large markets have hit what appears to be a tentative bottom in home values," Zillow Chief Economist Stan Humphries said in a news release. "While this is no guarantee that home values there will not fall again, it is more likely than not that they will remain above their lowest point last year.”
Home sales in the tri-county area rose 48.3%, year-over-year, in the first quarter, and were up 14.7%, quarter-over-quarter.
However, more than half (51.3%) of all homes sold in March in South Florida went at a loss, according to Zillow.
And, in the first quarter, 44.3% of all single-family homeowners in South Florida were underwater with their mortgages at the end of the first quarter, up from 41.2% in the fourth quarter.
Broward County home sellers took the biggest hit, with 54.3% selling at a loss. Miami-Dade home sellers took a loss 53.9% of the time. And 43% of Palm Beach County home sellers took a loss in the first quarter.
Nationwide, 23.3% of single-family homes had mortgages underwater, up from 21.4% in the fourth quarter of 2009.
Home values in Miami-Dade County fell to $160,500, down 19.9%, year-over-year. In Broward County, home values slid 17.3% to $135,900. And in Palm Beach County, home values fell 5.6%, year-over-year, to $158,900.
Nationwide, home values fell 3.8%, year-over-year, to $183,700.
But, home sales were up in the tri-county area. In Miami-Dade, sales rose 66.8%, year-over-year. They were up 55.7% in Broward and up 16.8% in Palm Beach.
"It's a very positive sign that several large markets have hit what appears to be a tentative bottom in home values," Zillow Chief Economist Stan Humphries said in a news release. "While this is no guarantee that home values there will not fall again, it is more likely than not that they will remain above their lowest point last year.”
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