The latest report from Royal Palm Beach-based MetroStudy shows construction started on 2,053 Palm Beach County homes last year, an increase of 13 percent from 2012, the Palm Beach Post reported. A tightening of the county’s resale inventory helped encourage builders to construct more new product.
New homes in the county were almost at a median price of $600,000, which would be an 11 percent increase from 2012. The national median sales price was $265,800, up from $245,200 the previous year.
“I’m looking at 2012 as sort of the first full recovery year for the housing market locally and nationally,” MetroStudy South Florida regional director David Cobb told the Post. “In 2013, we’re talking about the best numbers we’ve seen in six or seven years.” [Palm Beach Post] — Eric Kalis