Palm Beach sees rise in used-home prices

By Palm Beach Business.com

DELRAY BEACH — Used home sales surged in March but prices sagged, according to Florida Realtors. That pattern held true in South Florida — except in Palm Beach County, where prices actually rose.

Statewide, 16,294 used homes sold in March, up 24 percent over March 2009; the median price fell to $137,000, down 3 percent over the year-ago price.  The median is the midpoint; half the homes sold for more, half for less.

In Palm Beach County, the number of homes sold soared to 843, up 23 percent over the year-ago tally, while the median price rose 8 percent to $246,100.

In Broward, sales jumped 33 percent to 734 in March, while the median price fell 3 percent from the year-ago numbers.

Industry analysts with the National Association of Realtors, which released national numbers Friday, note that sales of foreclosures and other distressed properties continue to distort the median price because they generally sell at a discount relative to traditional homes.

NAR’s latest outlook anticipates a rise in home sales in late spring, which should help to drop inventory. Increased pending sales is a positive sign for home prices, which are continuing to stabilize, according to NAR Chief Economist Lawrence Yun.

Condo sales pretty much followed the same pattern — except in Palm Beach County, where prices also dropped. The number of units sold in March totaled 999, up 45 percent from March 2009, but the median price fell 9 percent to $90,900.

In Broward, the number of used condos rose 46 percent to 1,140, while the price fell 10 percent to $73,600.

Statewide, the number of units soared 67 percent to 16,895; the median price fell 11 percent to $96,900.