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Used home prices rise in Florida, Palm Beach County
By Palm Beach Business.com
DELRAY BEACH — The number of used-home sales dropped in Palm Beach County during March, but the median price actually rose, according to reports released Thursday by Florida’s Realtors. The same pattern held statewide.
In Palm Beach County, the number of used homes sold declined by 6.9 percent to 1,151 from 1,236 in March a year ago; the median price rose 3.7 percent to $197,000 from $190,000 a year ago, according to Florida’s Realtors.
Statewide sales of used single-family homes totaled 18,370 in March, down 5.7 percent from the 19,480 sold a year ago, while the median price rose 10.3 percent to $139,000 from $126,000 a year ago.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to depress the median price because they generally sell at a discount relative to traditional homes.
“The encouraging trends we’ve seen in the Florida housing market are continuing, with very strong pending sales and decreasing inventory,” Florida Realtors Chief Economist John Tuccillo said. “The large jump in median sales prices for both single-family homes and condos is a sign that buyers are now looking at higher priced properties, while it’s becoming tougher to find properties at the lower end of the market.”
The supply of homes on the market declined to 5.9 months from 10.4 months a year ago.
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