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 rates were significantly lower. In South Palm Beach County, New Listings decreased 24.8 percent for Single Family homes and 10.7 percent for Townhouse/Condo homes. Pending Sales increased 14.7 percent for Single Family homes and 4.5 percent for Townhouse/Condo homes. Inventory decreased 24.6 percent for Single Family homes but increased 14.5 percent for Townhouse/Condo homes. Median Sales Price decreased 0.7 percent to $629,500 for Single Family homes but increased 5.3 percent to $300,000 for Townhouse/Condo homes. Median Time to Contract increased 90.0 percent for Single Family homes and 154.5 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 10.0 percent for Single Family homes but increased 45.5 percent for Townhouse/Condo homes. Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
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