Inventory Increases for Second Straight Month in Palm Beach County
Just in! June 2022 released from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data. Here are statistics on single family homes.
“Housing inventory has increased for the second straight month in Palm Beach County. With the federal interest rate hikes we’ve seen throughout the year, we knew this was going to play a role in shifting the market. In June, we saw inventory in Palm Beach County increase 51.4 percent to 3,421 listings and supply of inventory rise 51.4 percent to 1.9 months,” said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie REALTORS®.
Inventory is the number of property listings that are active at the end of the month. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.
“Despite more inventory entering the market, our median home price continued to increase at 24 percent to $620,000. However, it’s worth noting that closed sales are decreasing. Sellers who have been waiting for the opportune time to list their property should speak to a local REALTOR® now. Only a REALTOR® has the expertise to help you sell your home before the market levels off in your unique community,” continues Melendez.
June Market Reports: Single Family | Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the nation, representing over 40,000 Realtors®, 41,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.