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Home sales, prices surge in Florida, Palm Beach County

By Palm Beach Business.com

DELRAY BEACH  — The latest numbers on the housing market, released Thursday, disappointed nationally, but Florida’s number continued to show some strength.

The statewide report on used-home sales from Florida Realtors showed the number of homes sold totaling 18,800 in June, a 5.3 percent increase from  June 2011. The median price increased 8.2 percent to $151,000.

Palm Beach County joined the party, as sales increased 14 percent to 1,361, while the median price increased 7 percent to $225,000.

The median price is the point where half of all homes sold cost more while half cost less.

"The trend we've seen established over the past year is continuing," Florida Realtors Chief Economist John Tuccillo said. "In June, every housing market indicator moved in the right direction.

“Closed sales are up, but so are pending sales, median prices, average prices and the ratio of sales price to list price. Conversely, listings are down, days on market are down and – most important – inventories are down."

Said Summer Greene, president of Florida Realtors and manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale: "Florida's housing recovery continues its positive momentum.  All of the signs point to solid gains, which is good news for the state's economy.”

However Greene added that buyers continue to have problems with lenders’ tighter financing requirements and more stringent appraisal, both of which are restraining sales.

Meanwhile the National Association of Realtors said June used-home sales nationally fell 5.4 percent to an annualized rate of 4.37 million homes. Prices surged, however, with the median increasing 7.9 percent to $189,400.