The number of homes listed for sale in Palm Beach County increased 28 percent in August compared to the same time last year as gains in property values push sellers off the fence.
About 2,300 homes were newly listed for sale last month, according to a report released this morning from the Realtors Association of the Palm Beaches, which also showed increases in sales prices and closed deals.
The median sales price last month for a single-family home was $250,000, up 16 percent from last year. Closed sales finished the month at 1,461, 17 percent higher than in August 2012.
“The average and median prices have moved up off of the bottom enough that many reluctant sellers who were ‘upside down’ are now in a position to change their housing situation without having to short sale and suffer the subsequent credit damage associated with a distressed sale,” said Kevin Kent, past president of the Realtors Association of the Palm Beaches.
Inventory remained down 40 percent from last year, with just a four months’ supply of homes for sale.
Statewide sales numbers will be released shortly.
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