Used home sales up again!

Fueled by demand and historically low interest rates home sales are soaring level this past March. In Palm Beach County, the median price (half cost more, half cost less) of an existing home rose in March to $272,100, a 20% jump over March 2003 median of $227,200 according to the Florida Association of Realtors. The Treasure Coast, one of the hottest housing markets in the country rose from $162,100 to $174,100 a 7% gain. The rise in the cost of existing homes in palm Beach County is even more significant in the past five years, during which used-home prices more than doubled, association records show. The strength of sales last month surprised analysts, reaching the second-highest level ever recorded in the U.S., and setting the fastest pace in two years according to the National Association of Realtors.

Buyers closed on 1,496 existing homes in March in Palm Beach County, up 21% from 1,240 home sales a year ago, according to the Florida Association of Realtors. This compares to the Treasure Coast (Martin and St. Lucie counties) that closed 689 used homes in March 2004, compared to 488 in March of 2003, up 41%. These numbers compared to the statewide sales of 29% increase are significant to the demand for our coast.

Posted by Donald Urschalitz P.A. at April 26, 2004 01:32 PM