Industry News

South Florida housing market begins to stabilize

Sales increase after several months of declines

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Home sales picked up across South Florida's Broward County in November amid growing inventory and sinking prices, according to statistics provided by the Realtor Association of Greater Fort Lauderdale. Single-family home sales totaled 668 in November, up 7.2 percent from 623 sales a year earlier. The median home price fell 10.8 percent during the period -- from $395,000 to $352,500. "Nationwide, home sales typically decline dramatically this time of year, but South Florida is not a typical market," said RAGFL President Dorine Longhini. "Along with the influx of seasonal residents and tourists come many individuals and families who are shopping for homes while visiting the area, so our sales pace through December and January tends to be stronger than most other markets." For-sale inventory gained astronomically during the last year, as 10,794 single-family listings were active on the market at the end of November, up 116.4 percent from the 4,987 homes for sale during the same month in ...