Market Report: North Palm Beach County, August 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

New Listings increased 14.2 percent for Single Family homes and 11.8 percent for Townhouse/Condo homes. Pending Sales decreased 4.7 percent for Single Family homes and 3.9 percent for Townhouse/Condo homes. Inventory increased 26.5 percent for Single Family homes and 51.4 percent for Townhouse/Condo homes.

Median Sales Price increased 2.3 percent to $665,000 for Single Family homes but decreased 3.8 percent to $320,000 for Townhouse/Condo homes. Median Time to Contract increased 37.5 percent for Single Family homes and 140.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 30.8 percent for Single Family homes and 67.5 percent for Townhouse/Condo homes.

Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.

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