Broward Home Prices Continue to Climb Year Over Year

Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Broward County. The reports compare year-over-year data for October. Here are statistics on single family homes.

“Median sale price has continued to climb year over year for the 13th consecutive month. While we are thrilled to see positive values in year over year percentages, it’s worth mentioning that prices have dipped month to month. From July to October, prices have declined from $380,000 to $362,000,” said Ron Lennen, Immediate Past President of Broward, Palm Beaches & St. Lucie Realtors®.

Median sale price is our preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sales prices for small numbers of homes that may not be characteristic of the market area.

“In addition to median sale price, new pending sales and closed sales have also increased in October. New pending sales rose by 10.1 percent, and closed sales rose by 1.7 percent,” continues Lennen.

It is important to bear in mind that not all pending sales will close successfully. The effectiveness of pending sales as a future indicator of closed sales is susceptible to changes in market conditions, such as the availability of financing for homebuyers.

Market Reports: Broward Single Family | Broward Townhouses/Condos

Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the country, representing 33,000 Realtors®, 35,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.