PALM BEACH COUNTY, FLA. -- An increase in median home prices and a decrease in homes for sale has has signaled the end of the housing crisis, realtors told WPTV NewsChannel 5 on Tuesday.
In Palm Beach County, median home prices have risen to $249,894 -- a 28 percent increase from the same time one year ago.
Single-family home sales also increased 12 percent from the same time one year ago.
"We're just coming off of a bottom, so to be seeing consistent price increases is a very good thing for everybody," said Kevin Kent, a past president of the Palm Beach County Realtors Association. "The pricing that we're seeing in the increases right now is from people buying houses to live in. They're not the people that were buying houses to flip them and make quick money."
Lacy Russell, a West Palm Beach resident, said she spent the past two years in search of a home.
Russell purchased a small cottage in December.
"When I was looking, inventory was very low. There wasn't a lot out there. And, everything that was, it was like a bidding war," Russell said.
The Palm Beach County Realtors Association said there were fewer homes being sold for under $100,000.
Most of the homes for sale, it said, were being sold for $200,000 or more.
You can read more about the current housing statistics at South Florida Property Match .
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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