Market Report: North Palm Beach County, May 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings increased 21.1 percent for Single Family homes and 19.4 percent for Townhouse/Condo homes. Pending Sales decreased 8.5 percent for Single Family homes and 17.0 percent for Townhouse/Condo homes. Inventory increased 21.1 percent for Single Family homes and 59.2 percent for Townhouse/Condo homes.

Median Sales Price increased 7.5 percent to $720,000 for Single Family homes and 12.3 percent to $374,900 for Townhouse/Condo homes. Median Time to Contract increased 25.0 percent for Single Family homes and 50.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 22.5 percent for Single Family homes and 75.0 percent for Townhouse/Condo homes.

Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.

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Jupiter Dream Life
Heather E Towe, PA
Assistant Broker, REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®

Real Estate Services
Residential real estate representation in Palm Beach County and surrounding areas.

(561) 247-4474
hello@jupiterdreamlife.com

Licensed to sell real estate in Florida
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