If you have GNU sed, you could use the `T` command to branch past an empty line delete if the replacement fails:
sed 's/<\/\{0,1\}para>//g;T;/^$/d' example.txt
>
> T label
>
>
> Branch to label only if there have been no successful substitutions since the last input line was read or conditional branch was taken. The label may be omitted, in which case the next cycle is started.
With non-GNU sed it should be possible to do the same by combining `t` and `b`
sed -e 's/<\/\{0,1\}para>//g;ta;b' -e ':a;/^$/d' example.txt