HOUSING

Broward home sales, prices rose in June

 

The median prices for existing homes and condos in Broward County rose in June along with the volume of sales.

 
Housing prices in Broward County continued to rise in June, and inventory remains tight.
Housing prices in Broward County continued to rise in June, and inventory remains tight.
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mbrannigan@MiamiHerald.com

Broward County’s housing market still has legs. Sales and prices headed higher in June.

The median price of an existing single-family home in Broward rose 5.7 percent to $280,000 in June from a year earlier, according to the Greater Fort Lauderdale Realtors. The median price was at the same level in May.

Sales of single-family homes in Broward rose 5.4 percent in June to 1,425 closings and were up 6.3 percent from May.

The median price for an existing condo in Broward rose 23.8 percent to $130,000 in June from a year earlier and was up 3.1 percent from May, the Fort Lauderdale Realtors said.

Sales of existing Broward condos rose 10.1 percent to 1,496 closings in June, a level flat with May.

A long-running trend of rising home prices has spurred more homeowners to list their houses for sale.

“The amount of homes that are going up for sale is rising steadily, and those prices continue to rise hand in hand,” Marnie E. Allen, president of the Realtors group, said in a statement.

The inventory of single-family homes on the Multiple Listing Service rose 48 percent in June to 6,044 from 4,093 a year earlier.

Even so, the supply of Broward houses for sale remained tight in June, amounting to just 4.9 times the volume sold in a month.

Experts consider a six-month supply, or six times the volume of homes sold in a month, as a balanced market between buyers and sellers. Less than that level is considered a sellers’ market.

Condos also are more plentiful, as the June inventory for sale swelled 35 percent from a year earlier to 7,899 units, Greater Fort Lauderdale Realtors said.

With the pace of sales picking up, that amounted to 5.8 months of supply in June, compared with 4.2 months of supply a year earlier.

Short sales have dropped dramatically in 2014, the Realtors group said. However, sales of foreclosed single-family homes in Broward rose by 15 percent year over year, and sales of foreclosed condos increased 6 percent, as lenders continued to slog through a mountain of distressed properties in Broward.

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