In some of our recent posts we have discussed how the month of May appears to be the month where single-family home prices throughout Broward County peaked.  As you will see from our first chart today, the average selling price of houses in the Greater Fort Lauderdale area continue to decline.  In the month of September, the average sale price of a house in Broward County was $331,274 which is down 15% from the high set in May.  As for condo prices, the average selling price rose slightly to $192,386.

Another key market trend to pay attention to is the available inventory listed for sale, which has climbed 46% since inventory bottomed in April 2103 and reached a total of 14,548 hoses and condos on the market in September.

Finally, there could be a brief respite in falling house prices when the October data gets released because interest rates took another unexpected drop this month.  This could drag a few buyers off the fences to test the market, but the price rally will most likely be short-lived and prices should continue to decline after that.  The sharp decline in the 10-year bond rate dragged mortgage rates lower over the past few weeks, but at some point the bond markets will stabilize and rates will gradually resume their climb higher.