Broward home, condo prices rise again

Single-family home and condo prices in Broward County substantially increased last month.

The latest figures from Greater Fort Lauderdale Realtors shows the year-over-year median price of a single-family residence in Broward rose 12.3 percent to $255,000 in February, the Miami Herald reported. Condo and townhouse prices jumped 38.1 percent to $121,500 during the same span.

Broward had 979 single-family sales, a year-over-year increase of 1 percent, in February. Condo sales dropped 5.9 percent to 1,172, however.

Even as inventory levels rise, sales velocity is expected to slow down this year. Steadily rising home and condo prices and elevated interest rates are hindering the affordability of Broward residences. [Miami Herald] — Eric Kalis