Median home and condo prices in Broward jumped double-digits in February from a year earlier Read more here: http://www.miamiherald.com/2014/03/20/4005549/median-home-and-condo-prices-in.html#storylink=cpy
The median price of a single-family home in Broward County jumped 12.3 percent to $255,000 in February from a year earlier while the median price for condos and townhourse soared 38.1 percent to $121,500 year over year, according to the Greater Fort Lauderdale Realtors.
Single-family home sales totaled 979 in Broward in February, up one percent from a year earlier, but condo sales fell 5.9 percent year over year with 1,172 closings in February, the Realtors group said.
A slower pace of sales is widely expected to continue this year despite substantial increases in the selection of homes listed on the market. That’s because rising home prices and higher interest rates are making homes less affordable than they have been recently.
The inventory of single-family homes listed for sale in Broward soared 25.2 percent to 5,565 from 4,446 a year earlier. That’s still a relatively tight market, amounting to just 4.5 times the volume of sales completed in a month. Experts generally consider a six-month supply of homes to be a balanced market between buyers and sellers.
The number of Broward condos listed for sale increased 24.7 percent year over year to 7,895 units, Greater Fort Lauderdale Realtors said. That amounted to 5.7 months of supply, compared with 4.6 months a year earlier.
“An increase in median sale prices as well as number of for-sale listings is a sign of a recovering market, indicating a continued confidence in the stability of our overall housing market,’’ Marnie E. Allen, president of the Greater Fort Lauderdale Realtors, said in a statement.
The Miami Association of Realtors expects to release February data for Miami-Dade County on Thursday.