Palm Beach County’s median price for existing single-family homes in April was $272,375, just 3 percent higher than a year earlier, according to the Realtors Association of the Palm Beaches. Home sales increased slightly last month from a year earlier. With 1,478 closings, sales were 5 percent higher this April compared to last. Over the past two years, there has been a shortage of homes for sale. But listings in Palm Beach County are on the rise as sellers feel more confident that they can get the prices they want.
South Florida sellers aren’t seeing as big a bump in home prices as they did last year. The percentage increases have slowed considerably in recent months. In 2013, median prices were soaring, with year-over-year gains above 20 percent. Real estate has settled into a more normal market wherein homes traditionally appreciate about 4 percent per year.
Traditional, or non-distressed, home sales continue to become an increasingly larger share of the South Florida market. There are fewer short sale listings primarily due to the termination of the federal tax exemption on forgiven mortgage debt that expired at the end of 2013. That means, the portion of the mortgage debt forgiven by the seller’s mortgage company or bank during the short sale process is now taxable.
The data above represent Palm Beach County.
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