South Florida’s Broward County residential real estate sales fell 25 percent in July as record inventory cut into single-family home prices, according to statistics provided by the Realtor Association of Greater Fort Lauderdale.

Single-family homes sales totaled 778 in July, down from 1,038 a year ago.

The total number of single family and condominium-townhouse residences on the market in July rose to 23,589, up 3.4 percent from 22,821 in June and up nearly 344 percent from 6,033 in July 2005.

The huge increase in inventory has been a major factor in the region’s sales slowdown and now has sent home prices lower, according to statistics.

July’s single-family median price of $375,000 was down $5,000 from June and reflected a 3 percent drop from $384,900 one year ago, the association reported. For condominium-townhouse units, the median price of $211,000 was down 1 percent from $212,500 in June but up from the year-ago price of $200,000.

However, the association said improving consumer confidence and a brighter job market outlook could indicate the economy is stabilizing.

“When consumer confidence and the employment outlook are high, the real estate market tends to follow,” said Dori Longhini, president of the Realtor Association of Greater Fort Lauderdale, in a statement. “The shift in sales prices may suggest that sellers are taking a more realistic view of the market and that could help kick-start a turnaround.”

The Realtor Association of Greater Fort Lauderdale Inc. is one of the largest Realtor associations in Florida, representing more than 12,000 real estate agents in Broward County.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription