WEST PALM BEACH, Fla. — WPTV is asking questions about the real estate market.
We dug into the data and discovered that both nationally and in South Florida that home sales and prices are down.
WATCH BELOW: Home sales hit 12-year low in West Palm Beach market, Redfin says
Ask anyone trying to sell a home in our area, and they'll tell you the days of fast selling at any price are over.
Diane Easter has had her two-bedroom and two-bath home in the Whisper Walk community, located west of Boca Raton, on the market since March.
It was first listed at $280,000 and now it's down to $247,000, she said.
"Every time we lower ours, people down the street and behind us, they lower theirs too," Easter said. "It's like they're watching it."
Redfin, a national real estate brokerage, reported that home sales in the West Palm Beach market are down more than 7 percent from a year ago, and the median sale price dipped nearly 4%.
Home sales in the West Palm Beach market are at a 12-year low, according to data compiled by Redfin.
The July report from Redfin showed the following:
- Home sales fell 7.2% year over year
- New listings fell 8% year over year
- Active listings — a measure of homes for sale — increased 6.9% year over year
- Just 6.4% of homes sold above list price
- Median sale price went down 3.8% year over year to $480,000
"What's special about West Palm Beach is that they are facing rising insurance costs, rising HOA fees, and also (it's a) market that has a lot more new construction and older buildings for buyers to choose from, which is keeping home values down," Redfin economist Daryl Fairweather said.
Fairweather said that's in addition to too many homes for sale and not enough buyers.
The typical home spent 43 days on the market in July, eight days longer than a year ago.
— Redfin (@Redfin) August 18, 2025
With homes lingering, supply is piling up, giving buyers more options and negotiating power—and prompting some sellers to retreat. #realestatehttps://t.co/XLPv8485oL
Real estate advisor Sera Peat met WPTV outside a Lake Worth condo that's been on the market for four weeks.
"It is a buyer's market," Peat said. "I think for sellers it's a little more challenging right now. The houses are sitting longer, many have taken them off the market or listed them for rent."
Real estate professionals said the current housing market will change, and it may very well start with lower mortgage rates, a trend that is already happening.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
