Broward home prices rise 7 percent

The median sales price of both condominiums and single-family homes in Broward County rose 7 percent in January compared to the same period in 2011, according to data from the Miami Association of Realtors. Single-family home sales in the county jumped 15 percent, while condominium sales fell 16 percent in the same period. “The Broward County housing market is experiencing consistent strengthening and price appreciation as a result of robust demand and diminishing supply,” said Rick Burch, president of the Broward County Board of Governors of the Miami Association of Realtors. “Despite a significant percentage of distressed sales, prices continue to rise.” — Alexander Britell