MIAMI(CBSMiami) — Home prices continued to rise across South Florida in May as buyers faced the problem of limited listings.
At last check, a single-family home in Miami-Dade County had an average price tag of $325,000 – an 11 percent increase from last year, according to the Sun Sentinel.
In Broward and Palm Beach counties, the median price rose about 8 percent to $335,000. It’s the highest median in Broward since 2007 and the highest in Palm Beach county since 2008.
The National Association of Realtors (NAR) says May’s median price for all types of housing set a new peak at $252,800.
“Home prices keep chugging along at a pace that is not sustainable in the long run,” said Lawrence Yun, NAR’s chief economist. “Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”
Meantime, major demand for low and mid-priced homes continue to raise prices across South Florida.
As for the supply, a six month supply is considered ideal between buyers and sellers. This means the time it would take to sell all the properties listed for sale so far. Broward has a four-month supply of single family homes while Palm Beach CountY has about a 4-month supply.
In some cases, owners aren’t putting up their homes for sale for fear they would not be able to find another place fast enough.
Sales for single family homes rose in Miami-Dade (10%) and Palm Beach County (4%). However, in Broward sales dropped by 9%.
Sales and prices were also up in the condo market in May in Broward and Palm Beach counties. In Broward, the median price rose to 12% to $159,000 while in Palm Beach it rose 9 % to $179,500.
In the state of Florida, the median price for single family homes also rose by 8% since last year to $239,000.