Used Home Prices Soar

In Palm Beach County, the median price of an existing single-family home roes to $290,200, up 29 percent from May’s 2003’s median price of $240,000, according to the Florida Association of Realtors. The median is the mid-point at which half the homes sold cost more, half cost less. The high demand and the low inventory is one of the main factors that is driving prices up.
On the Treasure Coast specifically Port St. Lucie the median price of a used home rose in May to $187,800, a 31 percent leap over May 2003’s median price of $142,900.

Used homes sales are expected to break last record-setting pace, and May sales showed no signs of a slowdown. In Palm Beach County, buyers closed on 1,551 used homes, up 19% from the 1,306 sales in May 2003 according to the report.

Posted by Donald Urschalitz P.A. at July 1, 2004 12:19 PM