Palm Beach County home-price surge could be cooling off
August 22, 2013 03:04PM
Home prices in Palm Beach County may be going up annually, but the median indicates a potential calming of the craze.
Compared to last year, median home prices rose 15 percent to $249,000 in July, from $216,500, according to data from the Realtors Association of the Palm Beaches. The median has decreased each of the last three months after peaking at $265,000 in April.
Douglas Rill of Century 21 America’s Choice in West Palm Beach is among several brokers who notice their properties on the market aren’t getting the same response as before. Deerfield Beach-based mortgage industry consultant Becky Walzak told the Sun-Sentinel home-buying will likely calm down at the start of 2014, when lending standards change. The ability-to-repay rule will cut back on risky loans, she said.
Many homes in the county are selling near the asking prices — and within days or weeks.
“There are a limited number of great houses,” according to Scott Agran of Lang Realty in Boca Raton. “We’re seeing multiple offers on houses that are, in some cases, marginal. Two months ago, people wouldn’t have thought twice about them, but now they’re in play.”