Comparing April 2007 and April 2008, Panama City had the least median sales price drop in the state of Florida.  In April 2007, the median sales price was $192,200, in April 2008, the median sales price was $188,200, a 2% drop.

ORLANDO, Fla., May 23 /PRNewswire/ — Florida Realtors(R) statewide reported an upswing in existing home and condominium sales from March to April 2008, according to the latest housing statistics released by the
Florida Association of Realtors(R) (FAR). A total of 11,200 existing single-family homes changed hands in April, a 20 percent increase over the previous month when 9,330 homes sold. Existing condo sales statewide rose 21.6 percent, with 3,900 units sold in April compared with 3,207 condos in March.

The median price for existing condos increased slightly as well during the one-month period. The median price of an existing condo in April was $179,200, up 1.6 percent from March’s figure of $176,300.

In the latest National Association of Realtors(R) (NAR) housing outlook, Chief Economist Lawrence Yun predicts that home sales and prices throughout most of the nation will improve in the second half of the year, especially if access to mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac increases. “There are many reasons for people to get into the housing market today, and very few
reasons not to,” Yun says. “With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers.”

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