March 20 2014: Broward home & condo prices rise

Single-family home and condo prices in Broward County  increased last month.From Greater Fort Lauderdale Realtors shows the year-over-year median price of a single-family residence in Broward rose 12.3 percent to $255,000 in February, the  Condo and townhouse prices jumped 38.1 percent to $121,500 during the same span.Broward had 979 single-family sales, a year-over-year increase of 1 percent, in February. Condo sales dropped 5.9 percent to 1,172. Even as inventory levels rise, sales velocity is expected to slow down this year. Steadily rising home and condo prices and elevated interest rates are hindering the affordability of Broward residences