Rising home prices lift US wealth, even as stocks fall
Rising home prices lift US wealth
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.