Market For Single-Family Homes Shows Indications Of Leveling Out

Overall sales of single-family homes in Palm Beach County realized a 1.7 percent year-over-year increase for the month of August, and sales of homes priced over $1 million or more increased by 12.9 percent, according to recently released market reports. The median sales price saw no change at $340,000.

“We’ve had a stable market month-over-month with moderate variances in year-over-year data for single-family homes in Palm Beach County,” said Jeffrey Levine, president-elect of the Realtors of the Palm Beaches and Greater Fort Lauderdale. “What is notable is the 5.4 percent year-over-year rise in the median sale price of condos and townhomes to $185,000. This is because there is very little inventory in that price range for single-family homes.”

Cash transactions for single-family homes increased by 3 percent, and the median time to contract decreased to 47 days.