More homes sold in April, median price down slightly
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The number of homes sold in Palm Beach County in April 2008 was 662, up significantly from the sales in February and March and even with the figures from the same month in 2007.
While sales were better, the county’s median home price declined slightly from the previous month to $314,000. This means that half of the homes sold in April were lower than $314,000 while half were more expensive. (The median figure doesn’t necessarily reflect home price changes in a particular neighborhood, but rather, sales over a larger geographic area.)
The median price represents a 17% decrease from the median price in April 2007 of $376,300, on sales of 665 homes.
The National Association of REALTORS® (NAR) latest outlook suggests a gradual strengthening of the market over the remainder of 2008, helped by better access to mortgages from FHA and Fannie Mae.
NAR Chief Economist Lawrence Yun predicts “With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers.”
And it does appear the buyers are coming back in Palm Beach County.
Tags: Home Sales, median, prices