Despite all the cries about the real estate bust, year-end median prices for both existing single-family homes and existing condominiums did manage to rise in every part of South Florida, with the exception of a 1 percent drop in median single-family home prices in West Palm Beach-Boca Raton FL. In numbers released Thursday, the Florida Association of Realtors put the single-family home median price increase at 2 percent in Fort Lauderdale, to $367,800 from $361,100, even though the number of homes sold declined 26 percent, to 8,373 homes in 2006 from 11,331 homes the year before.

In Miami, the median price rise was 7 percent, to $375,800 from $351,200, as the number of single-family homes sold fell 21 percent, to 8,692 homes from 11,016 homes. Even with its 1 percent decline, to $384,700 from $390,100, the median home price in West Palm Beach-Boca Raton remained the highest in the region. The number of homes sold dropped 37 percent, to 8,640 homes from 13,679 homes. “The housing market transitioned to a more sustainable balance during 2006, coming off the record-setting sales pace and price gains of the previous five years,” FAR President Nancy Riley said.

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