Industry News

Home buyers gain ground in South Florida

For-sale inventory up 156% from last year

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Residential real estate sales and prices in South Florida's Broward County were down in October from their year-ago levels, as still rising inventory added fuel to the buyer's market, according to statistics provided by the Realtor Association of Greater Fort Lauderdale. Single-family home sales totaled 670 last month, down 23.4 percent from a year earlier when 875 homes were sold. Condo-townhome sales dropped 43.7 percent during the period, falling from 1,139 to 641. The total number of single-family and condo-townhouse listings on the market in October rose to 24,780, up 2.5 percent from the previous month's 24,179, and up 156 percent from 9,677 in October 2005. The huge increase in inventory has been a major factor in the region's sales slowdown and is keeping a lid on home prices, according to statistics. The median sales price of a single-family home slipped 1.4 percent to $359,950 in October compared with $365,000 a year ago. The median price of a condo-townhome was $207,500 las...