Home Sales Locally Are Down

It was a buyer’s market in Bay County last month as the number of home sales crashed.

In April of last year, 249 existing single family homes were sold in the Panama City area. This year that dropped by a third, down to 166. That was also true around Florida, as April sales this year were 31 percent lower than a year ago.

Higher prices and interest rates are blamed.

There were actually more condominiums sold here last month than single family homes.

Last month, 192 existing condo units were sold, almost double the total sold in April of last year. The average price for the condos fell from $375,000 to $310,000 this year.