A June report by the Realtors Association of the Palm Beaches is reporting the inventory of homes for sale in Palm Beach County has dropped again! This low inventory of homes is pushing levels below a five months’ supply leaving very few properties to show to eager buyers. The report indicates findings of only 5,766 single family homes on the market last month; this is a 48 percent drop from this time last year!
The Standard & Poor’s/Case-Shiller index is reporting, “home prices continue to rise in South Florida” from a year ago. It’s the 16th consecutive increase” and that the “home price index for Palm Beach, Broward, Miami-Dade counties rose 13 percent in April from a year ago. It’s the 16th consecutive jump.”
The Case-Shiller index covering 20 metropolitan areas nationwide posted its highest jump in seven years. Home prices continue to strengthen. Case-Shiller tracks prices of the same house over time. Some analysts say it is a better measure of the market than the median prices of homes sold in a given month.
In just one month in Palm Beach County, the median price rose to $263,750, up 29 percent from the year prior. Last month, the median price in Palm Beach County was $235,000, up 27 percent from a year earlier. That is a 2 percent increase in just 30 days according to the Realtors Association of Palm Beach.
Don’t let the housing rebound catch you off guard! To discuss the housing rebound in Jupiter, Stuart and Palm Beach Gardens areas, please contact Waterfront Properties and Club Communities at 561-746-7272 or email them at INFO@wfpcc.com.