Interest in homeownership is on the rise! – Stefan
Palm Beach County Home Sales
and Prices up in June
by Kim Miller
June sales of existing single-family homes in Palm Beach County jumped nearly 14 percent from the same time last year as median prices increased 7 percent to $225,000.
At the same time, inventory continues to shrink, falling 43 percent from June of 2011 to a 5 month supply.
“Inventory for both attached and single-family homes has decreased over the last six-months and home values are up, which is great news for sellers,” said Realtors Association of the Palm Beaches President Bonnie Lazar.
Statewide, sales of single-family homes were up 5.3 percent in June compared to last year with median prices also climbing to $151,000 from $139,000, an 8.2 percent increase.
Nationally, median sales prices jumped 8 percent in June from a year ago to $189,400, while the number of homes sold increased 4.5 percent for the same time period, according to the National Association of Realtors.
Still, June sales slumped nationally compared to May. The seasonally adjusted annual rate was 4.37 million, the lowest since October.
The housing numbers top a week of good news for the real estate market. On Wednesday, the Commerce Department reported that builders started construction on the most new homes and apartments last month since October 2008. Also, asking prices rose for the fifth straight month in June, signaling more optimism among sellers.
Lawrence Yun, chief economist for the National Association of Realtors, blamed low inventory for the slip in sales in June from the previous month. The total number of homes for sale nationally fell 3.2 percent in June from May to a nearly a 7-month supply.
“Despite the frictions related to obtaining mortgages, buyer interest remains solid,” Yun said. “But inventory continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets.”