Broward County’s median price for existing single-family homes hit $285,000 last month, a 3 percent jump from a year ago, the Greater Fort Lauderdale Realtors said Thursday.
In Palm Beach County, the median price was $280,000, 4 percent higher than July 2013, according to the Realtors Association of the Palm Beaches.
While prices are still on the rise, the increases have narrowed considerably in recent months, a trend that analysts expected. The gains now are closer to traditional norms, with homes typically appreciating in value at 3 to 4 percent a year.
Demand remains steady, with 1,516 Broward homes trading hands in July, 3 percent higher than a year earlier. Palm Beach County had 1,515 sales, up 15 percent.
Sellers are still in control across South Florida, but buyers are gaining leverage as homes stay on the market longer.
The July data show it took 37 days for the typical Broward home to find a buyer, up from 25 days in July 2013. In Palm Beach County, days on market rose to 55 from 53.
For more info on Broward county Real Estate: http://www.WestBrowardRealty.com