Real Estate News

Broward home sales struggle in July

A home in Davie.

After months of solid growth, the number of existing home sales in Broward County dipped in July.

Single-family home sales fell to 1,499 in July, down 10.6 percent from July 2015, according to the Greater Fort Lauderdale Realtors. Condo sales declined to 1,375, a 12 percent year-over-year drop. The report covers only resales of existing homes.

As the housing market recovers, there are fewer distressed homes available. That’s dragging down overall sales. In July, foreclosure and short sales fell by roughly 43 percent year over year.

Sales volume is also falling in Miami-Dade County so far this year. A report on July sales is due Wednesday afternoon.

But inventory remains low in Broward, meaning competition for homes is tight and median sales prices are rising. The price for single-family homes rose to $320,000 in July, up 2.6 percent for the year. Condo prices hit $143,000, up 4.4 percent.