Broward County home sales and prices rose in November, offering more hope of a housing recovery.
The county had 961 existing homes change hands last month, up 22 percent from November 2010, the Florida Realtors said Wednesday. The county’s median price was $195,600, an 18 percent increase from a year ago.
Broward sales have been strong all year and its prices have been mostly stable. The county is the largest of four metro areas across Florida to see sales and price increases in November.
Palm Beach County sales rose 36 percent – to 943 from 695, but its median price fell 12 percent to $183,700.
Statewide, sales jumped 11 percent in November from a year ago. Clearly, lenders have become better at processing foreclosures and short sales, according to John Tuccillo, chief economist for Florida Realtors.
"In recent weeks, we've seen encouraging reports of jobs growth and improvements in Florida's economy," Florida Realtors President Patricia Fitzgerald said in a statement. "Mortgage rates have remained at record lows and home prices appear to be stabilizing in many local markets across the state - all positive signs for the housing recovery."
Nationally, home sales rose in November from a year ago. But the National Association of Realtors also announced that sales during the height of the housing collapse were 14.3 percent lower than it originally reported.
The trade group revised the sales total from 2007 to 2010, citing population shifts and acknowledging that some transactions were counted more than once.
“From a consumer’s perspective, only the local market information matters and there are no changes to local multiple listing service data or local supply-and-demand balance, or to local home prices,” Lawrence Yun, chief economist for the national Realtors' group, said in a statement.
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File photo: Bloomberg News
