South Florida Housing Market Stays Hot In Third Quarter

fireSouth Florida saw steady increases in home prices and sales during the third quarter, local Realtor boards said last Wednesday.

Broward County’s median home price hit $272,000 in the July-through-September period, up 28 percent from the same quarter last year, according to the Greater Fort Lauderdale Realtors. Sales rose 9 percent, to 4,082 from 3,739 a year earlier.

Meanwhile, Palm Beach County’s median price was $250,000, a 14 percent increase from the third quarter of 2012, according to the Realtors Association of the Palm Beaches. There were 4,194 homes changing hands, up 20 percent.

“The only houses sitting on the market right now are asking 20 to 40 percent over market value,” Kevin Spina, a real estate agent in Palm Beach Gardens, said in a statement.

After six years of sharp price declines, Florida’s housing market began to stabilize in 2012 before improving dramatically this year. Analysts expect the housing climate to remain vibrant in the months ahead, though they say prices will increase at a slower pace.

The third-quarter figures are a compilation of previously released monthly reports from the Realtor boards.


Source:  Sun-Sentinel