Market Report: North Palm Beach County, September 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over- year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

New Listings decreased 3.2 percent for Single Family homes but increased 19.1 percent for Townhouse/Condo homes. Pending Sales decreased 3.3 percent for Single Family homes and 21.7 percent for Townhouse/Condo homes. Inventory increased 21.7 percent for Single Family homes and 55.9 percent for Townhouse/Condo homes.

Median Sales Price increased 1.5 percent to $660,000 for Single Family homes but decreased 3.3 percent to $324,000 for Townhouse/Condo homes. Median Time to Contract increased 85.0 percent for Single Family homes and 87.5 percent for Townhouse/Condo homes. Months Supply of Inventory increased 26.8 percent for Single Family homes and 73.2 percent for Townhouse/Condo homes.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.

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