Industry News

South Florida home sales up, prices down

Inventory rises 95% from a year earlier

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Home sales in South Florida's Broward County edged up in December, as a massive selection of inventory and lower prices lured buyers into the market, according to statistics provided by the Realtor Association of Greater Fort Lauderdale. Single-family home sales totaled 599 last month, up 1 percent from 593 sales a year earlier. The median home price slid 7.9 percent during the period -- from $379,900 to $350,000. "Overall the market appears to be returning to reality," said RAGFL President Christine Hansen. "Home prices are stabilizing and resemble figures from what we would consider 'typical' markets, which is a positive sign." The 10,679 single-family homes listed for-sale last month represented a 95.4 percent increase from the 5,465 listings in December 2005, indicating a strong buyer's market. In the condo-townhome market, total available inventory rose to 14,704 listings last month from 6,968 a year earlier -- a 111 percent increase. The median condo price, however, actually gai...