In keeping with the trend of rising home sales in the Fort Lauderdale area, the Miami Association of Realtors reported that Broward County total home sales surged in September 2021 from 2,984 sales to 3,136 year-over-year, an increase of 5.1%.
The growing number of sales continued to be driven by individuals and companies moving from high-tax, high-density states to South Florida. In addition, lower mortgage rates are making home purchases more affordable. Many South Florida residents have also refinanced their properties while seeing home equity soar.
Though home sales have swelled fueled in part by a pent-up demand for Broward condos, lack of inventory in certain price points continues to impact sales, particularly for single-family homes. Yet, more inventory is expected to hit the market in 2022 as home sellers regain confidence in listing and showing their homes.
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