South Florida home prices rose in September, but sales softened amid a shrinking supply of properties.
Broward County’s median sales price for existing homes last month was $205,000, a 10 percent increase from a year earlier, the Greater Fort Lauderdale Realtors said Friday. There were 1,069 homes changing hands, off less than 1 percent from September 2011.
The same trend emerged in Palm Beach County. The median price rose 25 percent to $224,900, but the 1,031 sales represented a 4 percent decline from a year earlier, according to the Realtors Association of the Palm Beaches.
Sales in the two counties have been strong for the past two years, but a sharp drop in the number of homes on the market is driving up prices while limiting options for buyers. The inventory of single-family homes is down in both counties by nearly half from last year.
Recent price increases aren’t discouraging buyers, Lawrence Yun, chief economist for the National Association of Realtors, said in a statement.
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