Market Report: North Palm Beach County, July 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over- year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

New Listings increased 12.4 percent for Single Family homes and 17.2 percent for Townhouse/Condo homes. Pending Sales decreased 0.2 percent for Single Family homes and 1.8 percent for Townhouse/Condo homes. Inventory increased 22.6 percent for Single Family homes and 56.3 percent for Townhouse/Condo homes.

Median Sales Price increased 4.7 percent to $675,000 for Single Family homes and 3.0 percent to $340,000 for Townhouse/Condo homes. Median Time to Contract increased 83.3 percent for Single Family homes and 90.5 percent for Townhouse/Condo homes. Months Supply of Inventory increased 25.6 percent for Single Family homes and 71.8 percent for Townhouse/Condo homes.

Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month 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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