Palm Beach County’s median price for existing homes rose to $259,990 in June, 16 percent higher than a year ago, data released Tuesday show.
It was the first time since November that the median failed to increase by at least 20 percent, the Realtors Association of the Palm Beaches said.
Meanwhile, sales remained strong last month, with 1,494 homes changing hands. That’s up 11 percent from June 2012.
County and state housing figures for June were delayed a day because of a technical problem discovered after some local Realtor boards changed Multiple Listing Service vendors.
Home prices continue to rise across South Florida because of red-hot investor demand and a limited number of residences for sale.
Palm Beach County had 2,019 new listings last month, but the supply of homes was still 41 percent lower than a year ago, according to the Realtor report.
“I find plenty of buyers to work with, but nothing to sell them,” said Terry Story, a real estate agent with Coldwell Banker in Boca Raton.
Palm Beach County sellers received 94 percent of their list prices last month, up from 90 percent a year earlier.
The typical home went under contract in 56 days, down from 84. But agents say many lower-priced properties are selling faster – sometimes in hours or days.
“I tell buyers, “If you’re not ready to go out and look that day, cross the home off your list because it’s not going to be available,’” said Douglas Rill, of Century 21 America’s Choice in West Palm Beach.
The county’s median price for existing condominiums jumped 29 percent in June to $115,000. But sales fell 17 percent.
On Monday, the Greater Fort Lauderdale Realtors said Broward’s median price for existing homes rose 23 percent in June to $265,000.
The median price means half the properties sold for more and half for less. The percentage increase does not reflect all home values countywide.
Analysts say values will start to level out once large investment firms exit the market and more people list their properties for sale.
“Homeowners are feeling a sense of whiplash after years of depreciation, but this kind of market behavior won’t last,” Svenja Gudell, an economist for Zillow.com, said in a statement.
by Paul Owers