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Home sales rise in Palm Beach County; prices fall

By Palm Beach

DELRAY BEACH — Same old story. Used home sales in Florida and in Palm Beach County surge while prices continue to tumble, according to Florida’s Realtors.

Statewide home sales increased 3 percent in May to 17,228 from 16,790 a year earlier; the median price fell five percent to $135,500 from $142,500.

Palm Beach County used home sales increased 26 percent to 1,115 from 1,078 in May 2010, while the median price dropped to $214,100 from $235,200 a year ago. The county is the only market in Florida where the median price remains above $200,000.

used home sales may 2011

The median price is the point where half the homes sold cost more and half cost less.

The National Association of Realtors cited tight market conditions — the reluctance of banks to lend money to prospective buyers — as the major reason for poor market conditions.

“Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market along with a steady level of low appraisals that result in contract cancellations,” NAR Chief Economist Lawrence Yun said. “A robust economic and housing market recovery cannot occur as long as banks continue to hold onto huge cash reserves.”

NAR reported that home sales nationally fell 3.8 percent in May to an annualized rate of 4.81 million, the lowest in six months, while the median price dropped 4.6 percent year-over-year to $166,500.

National numbers are adjusted for seasonal factors, while state and county numbers are not.coming soon the daily bulletin

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JUNE 21, 2011 click to go home
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