The county’s median home price last topped $345,000 in late 2007. Back then, prices had been inflated by loose lending standards and a speculative frenzy. Today’s price rise is driven by economic fundamentals.
“It’s a supply-and-demand factor, and there’s still a lack of inventory,” said Jeffrey Levine, first vice president of the Realtors of the Palm Beaches and Greater Fort Lauderdale and a broker at Continental Properties in West Palm Beach.
While declining inventories would seem to reflect a raging seller’s market, there also are signs that buyers are pushing back. Houses are taking longer to sell, as reflected by an increase in the median time to contract of 46 days, up from 43 days in June 2016. And homes sold for just 94.7 percent of their list price, down from 94.9 percent a year ago.
Author:Sheryl Volk Phone: 561-389-8670 Dated: August 2nd 2017 Views: 63 About Sheryl: ...
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