The Real Deal Miami

Home prices stall in Palm Beach, Broward

September prices flatline, but sales improve
October 22, 2014 02:15PM

A Palm Beach home up for sale

A Palm Beach home up for sale

Analysts are downplaying the weak performance of home prices in Palm Beach and Broward counties for the month of September.

In a report in the Sun-Sentinel, Broward’s median price for existing homes was $270,000, which is flat from the previous year and hitting the lowest mark since March. September also marks the first time since October 2011 that Broward’s median failed to increase on an annual basis.

At the same time, Palm Beach County’s median prices slipped 2 percent to $269,200, and its median was the lowest this year and the second consecutive month it fell, when compared with the prior year period.

Still, analysts were encouraged by the number of closings for both counties, which ticked up for both counties.

“I have no fear that there will be another bubble. I don’t see any irrational exuberance in the housing market right now,” Ken Johnson, a real estate economist at Florida Atlantic University, told the publication. [Sun-Sentinel] – Jennifer White Karp