Broward’s median home price hits post-2008 peak

Median home price hits $312,000.
Median home price hits $312,000.

The Realtors organization reported that the median sale price of an existing single-family home in Broward County was $312,000 in July, 10 percent higher than a year earlier and the highest level since 2008.

The number of sales of existing single-family homes in Broward totaled 1,683 in July, an 11 percent increase from July 2014.

The Realtors also reported that the median sale price of existing single-family homes in Palm Beach County was 289,250 in July, up 3 percent from the same month last year.

The number of sales in Palm Beach County increased to 1,810 in July from 1,515 a year earlier, a 20 percent increase.

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“It’s a seller’s market,” according to Wendy Newman-Scheppke, a real estate agent covering Broward and Palm Beach County. “Sellers are asking for what they need versus what the value is.”

In both Broward and Palm Beach, however, there were fewer single-family home sales in July than in June, and the unsold inventory shrank.

The number of homes listed for sale at the end of July was 6,233 in Broward, slightly fewer than a year earlier, and 6,761 in Palm Beach County, down 7 percent from the end of July 2014.

“We’re not in any great danger of a runaway market because mortgages are still difficult to get for most households,” said John Tucillo, chief economist of Florida Realtors. [Sun Sentinel] – Mike Seemuth