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Used-home prices, sales surge in Palm Beach County

By Palm Beach Business.com

DELRAY BEACH — An improving economy and a tightening market helped boost used-home sales and prices to surge statewide and in South Florida during October, according to data released Monday.

In Palm Beach County, the number of used-homes sold increased 22 percent to 1,159 in October compared to the same period a year ago, while the median price climbed 23 percent to $222,500. The median price is the point where half of homes sell for more, half for less.

In Broward County, 1,198 homes sold in October, an increase of 21 percent year-over-year, while the median price rose 16 percent to $211,000.

Statewide, sales increased 25.3 percent to 17,779, while the media price rose 9.0 percent to $145,000, according to the latest report released by Florida Realtors.

"The state's latest unemployment rate fell to 8.5 percent, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months,” Florida Realtors President Summer Greene said. “Pending sales, closed sales and prices are trending up."

"Once again, everything that should be going up in the market is going up, and everything that should be going down is going down," Florida Realtors Chief Economist Dr. John Tuccillo said. "As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery."

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