Palm Beach County’s housing market saw double-digit gains in median sale prices in February compared to last year, but the volume of sales stalled, inching up just 1 percent.
The median sale price last month on a single-family home was $272,000, a 16 percent increase from the same time in 2013, and a 7 percent increase from January, according to a report released Thursday by the Realtors Association of the Palm Beaches.
Statewide, sales closed on 15,826 homes, a mere 2 percent increase from last year, while median sale prices were up 10 percent to $165,000.
Realtors blamed a lack of inventory priced under $300,000 for the pace of sales. There was a 5.8 months’ supply of homes countywide in February, about the same as last year and lower than the six months’ that is considered a balanced market.