Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for August 2024. Read on to learn more about the real estate market in South Palm Beach County:
National Trends
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
LOCAL TRENDS
In South Palm Beach County, the market for condos is quite different from that of single family homes. New Listings increased 8.0 percent for Single Family homes and 10.8 percent for Townhouse/Condo homes. Pending Sales decreased 7.3 percent for Single Family homes and 21.6 percent for Townhouse/Condo homes. Inventory increased 31.1 percent for Single Family homes and 62.5 percent for Townhouse/Condo homes. Median Sales Price increased 4.7 percent to $665,000 for Single Family homes and 2.6 percent to $313,000 for Townhouse/Condo homes. Median Time to Contract increased 88.2 percent for Single Family homes and 76.9 percent for Townhouse/Condo homes. Months Supply of Inventory increased 38.7 percent for Single Family homes and 83.3 percent for Townhouse/Condo homes.
Want to know more?
I’m always here to help you navigate the local market. I can analyze the specific neighborhood and price range for you, whether you are interested in buying or in selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Posted by Gloria Singer on
2 Responses to August 2024 Market Statistics
I have been watching inventories increase but so has home prices. Are people finding it too expensive to live in Florida, therefore taking advantage of rising home prices and moving out of Florida?
Posted by Steven Grun on Wednesday, October 9th, 2024 at 3:13pmHi Steven,
Posted by Gloria Singer on Wednesday, October 9th, 2024 at 8:23pmIt is true that living in Florida is much more expensive than it used to be....There are some people moving out of Florida and capitalizing on the increase in prices. However, there are still lots of people moving to Florida as well. I believe that the in-migration is still greater than the out-migration. I have heard that although the population of Florida is still increasing, the rate of increase is starting to slow down. The top three states that people are moving to are Florida, Texas, and North Carolina. Hope this helps, we are here if you need any advice.
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