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Palm Beach seeing housing market gains

14 Sep 2012 8:16 AM
Palm Beach seeing housing market gains

Much of Florida was hit hard by the housing collapse of the late 2000s, and a large portion of the state has yet to recover. However, rising home values and a slowly improving economy have helped turn some of the state's communities around, and in the eyes of certain real estate professionals, Palm Beach has been among the fastest to bounce back.

According to the Palm Beach Post, home prices in South Florida rose significantly in June, leading some experts to believe that the market has returned to a pre-recession level. Using data from the Case-Shiller index, the news source reported that home prices in Palm Beach, Broward and Miami-Dade counties rose 4.4 percent in June when compared to the same period a year ago. With property values stabilizing and returning to pre-crash levels and demand increasing, some within the industry believe this could be a great time to buy one of the Palm Beach homes still on the market.

"If you're trying to time the market, this is the time to come back in," Robert Dye, chief economist at Comerica Bank, told the source.

It seems that others have had thoughts similar to Dye, as many parts of Palm Beach County have been seeing the supply of available for-sale homes dwindling in recent months. For example, in Palm Beach Gardens, a city in the western portion of Palm Beach County, the home vacancy rate fell to 5.6 percent as of September 3, according to the source. In a county that saw vacancy rates hover around 20 percent during the worst of the housing crash, this figure leads some analysts to view the turnaround as nearly complete.