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Home prices sink in Palm Beach County

By Palm Beach Business.com

DELRAY BEACH — Used-home sales and prices surged statewide in Florida last month, but it was a different story in Palm Beach County, according to data from Florida Realtors.

Statewide, the number of homes sold totaled 18,723, a 7.2 percent increase over May 2011 numbers, while the median price rose 8.9 percent to $147,000, according for Florida’s Realtors.

In Palm Beach County, the number of used homes sold increased 4.9 percent to 1,178, while the median price dipped 6.7 percent to $200,700 compared to year-ago numbers. The median prices is the point where half of all homes sell for more, half for less.

“Some very positive trends have been developing in the Florida market, and the May numbers indicate those trends are continuing,” Florida Realtors Chief Economist  John Tuccillo said. “Closed sales, pending sales and prices – both average and median – are strongly above where they were a year ago. In fact, average prices have increased in 11 of the past 12 months.

“In addition, home sellers are receiving a higher percentage of their asking price, a trend we’ve seen for nine months. Perhaps the most striking characteristic of this market has been the dramatic drop in inventories. Now, Florida is in what is generally considered a balanced market – that is, one that favors neither buyers nor sellers.”

Last month, the inventory for both single-family homes and for town house-condo properties stood at a 5.5-month supply, according to Florida Realtors.