Greater Palm Beach Area Residential Sales Dip 6 Percent in May

In May 2023, Palm Beach County total home sales decreased 6.1% year-over-year due to elevated mortgage rates and lack of supply in certain price points. Single-family home sales decreased 4.4%, existing condo sales decreased 8%, and luxury $1M-and-up home sales increased 3.3%. Median prices for single-family homes and existing condos increased 1.2% and 2.4%, respectively. Inventory of single-family homes increased 34.1%, while condominium inventory increased 87.7%. Total dollar volume totaled $2.4 billion, with single-family home dollar volume increasing