Last month, the South Florida Sun-Sentinel.com reported that median existing home prices in Broward County, Florida – including the Greater Fort Lauderdale area – rose more than 6 percent in the first quarter of 2011.

The Sun-Sentinel reported that “according to the Florida Realtors [i]n February, the median of $167,000 skyrocketed 22 percent from a year ago — the county’s largest increase in any month since December 2005.”

The story went on to note that “Broward’s prices are stronger, at least for now, because its supply of homes is smaller.”

“When inventory levels fall, buyers compete for fewer properties, which can lead to bidding wars and price increases,” it said.

The newspaper reported that an “analysis of all property types by Move Inc.

showed that Broward’s inventory level dropped by 12.45 percent in February from January, the largest decline in the nation.”