Reso 2015-2405 - Laserfiche WebLink

Home Browse Search

PRESENTATION OF DATA 37 median means half of the properties sold for more and half for less. It does not reflect the values of all homes and condos countywide. At the end of August, 7,187 single-family homes were listed for sale in Palm Beach County, up 29 percent from a year ago, according to the Realtor Board data. Housing starts in Palm Beach County are up 6 percent from the previous quarter and are up 12 percent year over year. Closings were off 8 percent from the previous quarter, but are up 7 percent annually. Finished, vacant inventory remains low at 1.4 months of supply. Overall in Palm Beach County, attractive, properly priced homes remain in high demand, and listings in some areas are scarce. But buyers generally don't feel the same urgency, and properties are sitting on the market longer than they did a year ago. Housing Summary — The pick-up in South Florida home and condo sales in September mirrors stronger sales across Florida and the nation. The Florida Association of Realtors reported single-family home sales rose 14 percent in September from a year earlier, and condo sales inched up 2 percent year over year. The National Association of Realtors said all major regions of the country except the Midwest posted month-to-month sales gains in September, boosting sales to their highest pace of the year, albeit still down 1.7 percent from last September. Household Formation Despite the rebound in the housing market, the lack of formation of new households remains a concern in the South Florida MSA. Experts look to three primary reasons holding new household formations down. 1. Many younger households are simply saddled with large amounts of debt and weak incomes from the Great Recession and lower average salaries. 2. A larger proportion of the population lives at home with their parents. 3. The labor market for younger Americans, even college graduates is not as positive as to justify current and projected near term home prices. During the real estate crisis, housing formation dropped by over half in the region. In 2012, household formation started to recover and slow gains have been made during 2013. The following graph compares historical and projected growth trends in household formation between South Florida and the U.S. overall. Clobus, McLemore & Duke, Inc.