Home sales jump in Palm Beach County

A home for sale in Palm Beach

Sales of existing homes in Palm Beach County rose 27 percent in October,
according to data from Florida Realtors. There were a total of 918
homes purchased in the county last month, although the median sales
price was 16 percent lower than the same period in 2010. “Lenders are
being extremely conservative on appraisals, and we are continuing to see
values come in low,” Richardson said. “If there is anything that is
keeping prices down, it is that.” Despite the lower median sales price,
distressed sales made up a smaller share of the market, with 28 percent,
a drop from a 34 percent in October 2010. [Palm
Beach Post]