Sales of previously occupied homes rose 2.1% nationwide in October to a seasonally adjusted annual rate of 4.79 million, according to data provided by the National Association of Realtors. This continued improvement in the housing market has been attributed to gains in the job market and record-low mortgage rates.
Home prices are rising due to a decline in homes available for sale. At the end of October there were only 2.14 million homes available for sale across the nation, the lowest inventory in 10 years.
Analysts expect gains to continue in the housing market as the economy slowly recovers and interest rates remain low.
Following is a market snapshot of the Greater Fort Lauderdale / Broward County real estate market, comparing October 2011 with October 2012:
- The number of Greater Fort Lauderdale / Broward County homes listed for sale decreased 22.6% (11,491 vs. 8,896).
- The number of Greater Fort Lauderdale / Broward County homes sold increased 8.1% (2,017 vs. 2,181).
- The average amount of days a Greater Fort Lauderdale / Broward County home was listed for sale decreased 16.5% (91 vs. 76).
- The final sales price of a Greater Fort Lauderdale / Broward County home increased from 92% to 95% of the original listed price.
If you like charts and numbers, here they are! You can also view residential real estate data broken down by various areas in Greater Fort Lauderdale / Broward County by visiting the Greater Fort Lauderale Real Estate News page.
Number of Houses in Greater Fort Lauderdale / Broward County For Sale vs. Sold vs. Pended (August 2011 – October 2012):
Average Days A Greater Fort Lauderdale / Broward County Home Was Listed For Sale & Sales Price vs. Original List Price (August 2011 – October 2012):
