South Florida used home prices rise in May

By Palm Beach Business.com

DELRAY BEACH — Used home prices fell slightly statewide in May but rose in South Florida, Florida’s Realtors reported Tuesday.

Statewide, the number of sales jumped 20 percent to 16,745, while the median price fell 2 percent to $140,400. It was the 21st consecutive month that the number of homes sold exceeded sales for the same month a year earlier.

In Broward County, the number of homes sold actually dipped 6 percent to 731, but the median price soared 14 percent to $216,400. The median price is the point where half of  the homes sold for more, half for less.

In Palm Beach County, the number of homes sold jumped 20 percent to 887 in May, while the median price inched higher by 1 percent to $235,200. Palm Beach is the most expensive market in the state, and one of only two with a median price over $200,000.

In Miami-Dade, used home sales jumped 22 percent to 727 and the median price gained 1 percent to 196,700.

Condo sales jumped in May compared to the same month a year ago, but prices generally fell. Statewide, used condo sales jumped 40 percent to 6,779, while the median price dipped 13 percent. Palm Beach condo sales increased 30 percent but the median price fell 7 percent to $99,600.

Broward County was an exception; while sales rose 21 percent, the median price increased 1 percent.