Broward home sales improve in November

Home sales in Broward County picked back up in November after struggling in the months leading up to the U.S. presidential election.

Sales for existing single-family homes rose 6.5 percent in November compared to November 2015, according to the Greater Fort Lauderdale Realtors. Condo sales were up 3.3 percent year-over-year. (Miami-Dade County experienced a similar post-Donald Trump bump.)

Overall residential sales in Broward slumped 13 percent in October and 4.1 percent in September.

Prices rose in November, too. Median sales prices for single-family homes hit $318,000, up 9.7 percent annually. Prices for condos rose to $145,000, a 14.2 percent gain.

Inventory remains tight, with single-family homes having just a 3.7-month supply of inventory, down 11.9 percent year-over-year. That places the single-family market firmly in seller’s territory, driving up prices. Broward’s condo market is more balanced at 6.1 months of supply. A balanced market generally has between six and nine months worth inventory.

This story was originally published December 23, 2016 at 3:49 PM with the headline "Broward home sales improve in November."