Market Report: North Palm Beach County, June 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year- over-year, to a seasonally adjusted annual rate of 4.11 million units.

New Listings increased 6.0 percent for Single Family homes and 3.0 percent for Townhouse/Condo homes. Pending Sales decreased 3.9 percent for Single Family homes and 17.1 percent for Townhouse/Condo homes. Inventory increased 22.5 percent for Single Family homes and 56.6 percent for Townhouse/Condo homes.

Median Sales Price increased 6.6 percent to $724,950 for Single Family homes but decreased 5.0 percent to $351,500 for Townhouse/Condo homes. Median Time to Contract increased 41.7 percent for Single Family homes and 81.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 28.2 percent for Single Family homes and 70.7 percent for Townhouse/Condo homes.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.

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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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