Broward housing market keeps rising

Home prices in Broward County are still rising, as demand for houses and condos continues to significantly outpace supply.

Single-family median sale prices in Broward jumped nearly 28 percent year-over-year to $270,000 in October, Miami Herald reported. The latest report from Greater Fort Lauderdale Realtors shows single-family sales increased 1.6 percent to 1,124 closings last month. Median condo prices rose more than 29 percent year-over-year to $116,240, but unit sales slipped 0.3 percent to 1,368 during that span.

Residences that do hit the market in Broward don’t stay there for long. Single-family homes only lasted a median of 30 days before closing last month, compared with 40 days in October 2012. Condos stayed on the market for 37 days, down from 43.

In a sign that sellers are ready to test the market, the inventory of listed single-family homes increased 2.7 percent to 4,829. Condo inventory surged by 13.3 percent to 6,684 units. [Miami Herald] — Eric Kalis