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Broward home prices spike with inventory shortage
Home sellers in Broward County are happy campers: Sales are up and so are prices from last summer, housing numbers show.
In June, sales of single-family homes increased 3.4 percent to 1,356 from 1,311 the year before, the Miami Herald reported, citing figures from the Greater Fort Lauderdale Realtors.
And the median price of a single-family home leaped by nearly a quarter — 23.2 percent — to $265,000 from $215,000 in June 2012.
Broward also had fewer single-family homes for sale: 4,225, compared with 4,935 a year earlier. The June number translated to a 3.4-month supply, which pushed up prices. A six-month supply of homes is considered a balanced market.
Because of the shortage, buyers acted faster in June, the numbers showed; the median time to sell a single-family home dropped to 29 days from 37 days in June 2012.
Home sellers received an average 96 percent of their original listing prices, compared with 93.3 percent a year earlier, according to the Greater Fort Lauderdale Realtors. [Miami Herald] – Melanie Gray