In contrast to a reported condominium glut, a shortage of single-family homes for sale is pushing prices higher in South Florida, according to the Sun-Sentinel.

Citing figures released earlier in September, the Sun-Sentinel reported fewer single-family homes on the market, corresponding with sales that were down across Miami-Dade, Palm Beach, and Broward counties. The downturn in availability and sales marked the second consecutive annual decline for Miami-Beach and Palm Beach counties and the fifth year consecutively for Broward County.

As sellers enjoy the boost in home prices, buyers are feeling the limited availability as they pay premiums for what they want. Median house prices were up 8 percent from last year in Palm Beach and Broward counties with a rise of 13 percent in Miami-Dade County. 

The lack of single-family homes is most pronounced for buyers searching in lower price ranges, according to the article. The availability of homes priced between $200,000 and $249,999 fell by 14 percent in Broward County this August compared to a year ago. In Palm Beach County, availability of homes in the same price range fell by 16 percent.

West Palm Beach broker Douglas Rill said “the market is stacked against buyers,” and urged those looking for homes to be vigilant, speedy, and already pre-qualified.