Broward Home Sales & Prices On The Rise

MIAMI (CBS4) – Sales and prices of home and condos in Broward County were up last month.

According to the Miami Association of Realtors, single family home sales were up six percent in June compared to June 2010; condo sales were up seven percent.

The average sales price for single-family homes increased 7.2 percent, from $260,486 in June 2010 to $279,268 last month. The average sales prices for condominiums increased 1.3 percent to $121,495.

Cash sales accounted for 38 percent of single-family and 80 percent of condominium closings.

"Healthy sales levels in Broward County have resulted in reduced housing supply, which is indicative of a well-performing market," said Terri Bersach with the Miami Association of Realtors. "Prices have now caught up with rising sales, which is a very positive sign for the local real estate market."

The median sales price of condominiums in the Fort Lauderdale Metropolitan Statistical Area (MSA) increased 11 percent to $76,900 compared to June 2010. The median sales price for single-family homes was $196,000, up 26 percent from a year prior.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops remain 8.8 percent below June 2010, according to the National Association of Realtors (NAR).