Rising home prices lift US wealth, even as stocks fall
South Florida’s home prices increased in March, but sales slowed as the market settles into a steady, less-frenetic pace.
“Things are good, but listings aren’t selling overnight anymore, unless they’re just incredibly well-priced,” said Beverly Rothstein, an agent in Palm Beach, Broward and Miami-Dade counties.
Palm Beach County‘s median price for existing single-family homes last month was $298,450, up 9 percent from a year ago, the Realtors Association of the Palm Beaches said Wednesday.
Broward County‘s median was nearly identical — $298,500 — but that was only a 3 percent increase from March 2015, the Greater Fort Lauderdale Realtors said.
Miami-Dade County’s median price rose 8 percent to $280,000, according to the Miami Association of Realtors.
Broward had 1,440 sales last month, up 3 percent from a year earlier, but both Palm Beach and Miami-Dade counties saw transactions decline.
Palm Beach County had 1,520 single-family homes trade hands, down 9 percent, while Miami-Dade’s 1,168 sales represented a 6 percent slide.
Mike Larson, a housing analyst with Weiss Research in Jupiter, expects the market to lose momentum in the months ahead, though he isn’t forecasting any major declines.