Skip to comments.Home prices in Broward and Palm Beach counties continue rapid rise
Posted on 02/24/2013 7:24:11 AM PST by ilovesarah2012Edited on 02/24/2013 7:25:28 AM PST by Admin Moderator. [history]
Home prices in Broward continued their surge into the new year with the median sales prices on single-family homes jumping 24.5 percent in January compared with a year ago, the Greater Fort Lauderdale Realtors said Thursday.
The median house price catapulted to $224,088 last month, up from $180,000 in January 2012, the group reported. The median price for condos and townhomes jumped even more — 26.5 percent — during the same period. Palm Beach County's median sales price of single-family houses also surged, up from $179,950 to $218,000.
(Excerpt) Read more at sun-sentinel.com ...
Are banks holding onto foreclosed homes to drive the prices up?
I don’t think so. My mom has been looking for a place for the past month and has lost several houses to not making an offer fast enough. One house was only on the market for four days before it sold.
Her real estate agent says it is mostly investors snapping them up. And now with the prices rising, more are jumping in to take advantage of the interest rates before prices get any higher.
It’s certainly not because of job growth and a better economy.