June 2024 Housing Report

From May 2024 to June 2024 the median price for single family homes in Palm Beach County went up $15,000 to $660,000. The price of $660,000 represents a 5.6% increase in one year. The increase so far for this year (6 months) is 10.6%. That is well above all the predicted increase in price. Townhomes/condos are flat (0% in one year) and currently have a median price of $325,000

The median sale price for single family homes was also up in our neighboring counties. The one-year increase for Broward ($640K) was 4.1%, Saint Lucie ($408.4K) was 4.7%, Miami-Dade ($657K) was 5.5%, and Martin ($625K) was 4.4%. Townhomes/condos prices are also up or flat for all five counties over a one-year period except for Martin County which is down 5.25%.

Inventory continues to rise in all five counties. The most significant is the number of single-family homes in St. Lucie County which rose by 104.3% and is now up to 4.7 months of supply. However, this is still a strong sellers’ market.  Broward had the highest increase (132.4%) of inventory for townhomes/condos. 

In related news, a 30-year fixed mortgage moved down from last month to approximately 6.87% and the 15 years fixed mortgage also moved down to approximately 6.32%. Similarly, the annual inflation rate is also down and is now at 3%. This is the lowest rate since 2021. Hopefully, the trend in inflation continues so we may see a decrease in interest rates by the Feds.