S. Florida condos up 8 percent

Broward condo prices were up 8 percent from October 2005. A median-priced condo now costs $210,100 in Broward and $250,000 in Miami-Dade.

The National Association of Realtors reported Tuesday that existing-home sales climbed for the first time in eight months.

In South Florida, sales have yet to start flowing again significantly, and the numbers for October were mixed.

''The big question is if we have hit that turning point,'' said Ronald Shuffield, president of EWM, which operates across South Florida. ``I think we probably have a few more months. We will likely not see inventory start to decrease until the second quarter next year.''

Shuffield contends that people who buy now may still see prices go down in 2007, as the market digests the enormous number of homes for sale. However, buyers will get healthy gains over three to five years, he predicted -- especially for single-family homes, which are in increasingly shorter supply than condos in South Florida.

In October, single-family home sales were up 6 percent in Miami-Dade and 5 percent in Broward from a year ago.

Katerina Brosda, Broker Associate with Century 21 Oceanfront Realty and principal at

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Meanwhile, the underlying economic picture is still strong, said John Burford, senior vice president at The International Bank of Miami. The average 30-year fixed-rate mortgage stands at 6.18 percent, according to Freddie Mac. Unemployment is low. And the economy continues to perform well, Burford said.

On Tuesday U.S. Federal Reserve Chairman Benjamin Bernanke said economic growth -- outside of housing -- is expanding at a ''solid pace.

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