“Housing inventory continues to rise in Palm Beach County! We’re starting to see supply levels improve with the help of increasing interest rates and inflation. In August, active inventory rose by 63.1 percent to 3,865 listings, and supply of inventory increased 92.9 percent to 2.7 months,” said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie Realtors®.
Inventory is the number of property listings that are active at the end of the month. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.
“Sellers, don’t let rising inventory levels deter you from listing your property. Yes, we have more supply entering the market, but Palm Beach County is still seeing intense competition among buyers. Our area is one of the most sought-after regions to purchase real estate in the country, and we see that through median home prices rising again with an increase of 17.7 percent to $565,000. Contact a local Realtor® today — they are the market experts and will serve as your advocate in the home buying or selling process,” continues Melendez.