South Palm Beach County Real Estate Market Update: Inventory Surges, Sales Slow Down

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 November. Read on to learn more about the real estate market in South Palm Beach County:

The South Palm Beach County real estate market in November 2024 shows notable shifts compared to the same period in 2023. Here are the key highlights:

Single-Family Homes

  • Closed Sales: Declined by 10.3%, from 428 to 384 units.

  • New Listings: Increased by 5.1%.

  • Pending Sales: Rose sharply by 18.9%.

  • Median Sale Price: Decreased by 2.0% to $600,000.

  • Median Time to…

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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…

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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 September 2023. Read on to learn more about the real estate market in South Palm Beach County:

Home Sales decline nationally due to affordability challenges

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales nationally declined 0.7%…

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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 July.  Read on to learn more about the real estate market in South Palm Beach County:

Affordability constraints have continued to limit home-buying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have exceeded 7%, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when…

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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 May 2023.  Read on to learn more about the real estate market in South Palm Beach County and beyond:
According to the National Association of REALTORS® (NAR), existing-home sales have experienced a slight dip for the second month in a row, falling 3.4% nationwide. This decrease can be attributed to higher interest rates, which are impacting buyer affordability. Compared to the same period last year, sales are down a significant 23%, while contract signings have dropped by 20.3%.
As the market cools down, buyers in certain regions have found some relief in declining sales prices, which have seen a…

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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 April 2023. Read on to learn more about the real estate market in South Palm Beach County:

National Trends

According to the National Association of REALTORS® (NAR), the number of homes sold in the US decreased by 2.4% compared to the previous month. This is a reversal from the 14.5% increase in sales that occurred in February. The decrease in sales is due to changes in mortgage interest rates, which have caused buyers to be more hesitant. Pending sales, which are sales that are under contract but not yet closed, also dropped by 5.2% compared to the previous month.

The median…

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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 March 2023. Read on to learn more about the real estate market in South Palm Beach County:

National Trends

According to the National Association of REALTORS® (NAR), existing home sales in the country increased by 14.5% month-over-month, marking the first monthly gain in 12 months and the largest monthly surge since July 2020. The boost in sales activity is attributed to contracts signed earlier in the year, when mortgage rates dropped to the low 6% range, resulting in a surge in homebuyer interest. Pending sales have also continued to improve, rising for the third consecutive month, as we…

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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 February 2023 Read on to learn more about the real estate market in South Palm Beach County:

In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for…

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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 January 2023. Read on to learn more about the real estate market in South Palm Beach County:

The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down…

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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 December, as well as for the year end. Read on to learn more about the real estate market in South Palm Beach County:

2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom…

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