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Used-home sale prices drop sharply in Palm Beach County

By Palm Beach Business.com

DELRAY BEACH — Used home sales soared in Palm Beach County last month, but prices dropped sharply, according to a report released Thursday by Florida’s Realtors.

Statewide, sales rose while prices essentially were flat.

In Palm Beach County, sales increased 21 percent to 972 from 802 in July 2010, but the median price dropped 17 percent to $187,900. The median price is the point where half of all homes sold for more, half sold for less.

The Broward County market performed somewhat better; home sales increased 8 percent to 1,087 from 1,005 a year earlier, while the median price increased 5 percent to $193,000 from $183,100.

Statewide, home sales rose 12 percent to 15,517 in July from 13,874 a year ago, while the median price dropped 1 percent to $136,500 from $137,000.

Economic and political worries also dampened the outlook for Florida’s real estate markets, according to the University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends. The report surveys economists, industry executives, real estate scholars, researchers and other experts.

“Even though unemployment in Florida improved in many markets, the pace of change and the still-high levels are affecting the pace of improvements in the real estate markets,” Bergstrom Center Director Tim Becker said. “Consumers continue to be cautious and pessimistic about their own spending, which is also affecting the rate of fundamental improvement.”