PALM BEACH COUNTY, Fla. - There are new indicators that the Florida housing market might be headed for a rebound. Sales of existing homes in Palm Beach County are on the rise. The Florida Realtors group released it's latest statistics, showing existing home sales jumped 34% in Palm Beach County last month compared to September of 2010.
Some mortgage experts believe that this may be a sign that the Florida's massive housing inventory may finally be drying up. This increase in sales comes at the same time there is a 39 % decrease in inventory, according to the Florida Realtors' figures. Banks have become much more aggressive in making short sales and selling off foreclosed properties, experts say. That could be contributing to the increase in sales, but at the same time, also keeping sale prices down.
"It's tough because from a n industry standpoint, the banks still have a backlog of inventory. No one is quite sure what that inventory is, number one, and number two, how they are going to spread it out in the future," said Paul Baltrun, a mortgage expert and the Director at the Law Office of Paul A. Krasker in West Palm Beach.
The Florida Realtors information showed that median home prices in Palm Beach County took a 20% tumble between September 2010 and September 2011 to $180,300. For home buyers, prices remain low, but there are far fewer houses on the market to choose from. Experts believe the significant fluctuations of last month will likely continue over the next few months. For more on the Florida Realtors report, click here .
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