As the spring homebuying season heats up, Palm Beach County and the U.S. are facing a “housing shortage,” Trulia says.
In Palm Beach County, there are fewer homes for sale today than in 2012. Starter-home inventory has dropped by 20.5 percent in the past four years, trade-up homes by 23.8 percent and high-end homes by 55.7 percent.
The inevitable result? Rising prices.
Today, buyers of starter homes in Palm Beach County will need to spend 24.7 percent of their income to buy the median-priced entry-level home ($89,950).
“America is experiencing a housing shortage,” writes Trulia Chief Economist Ralph McLaughlin. “Low inventory is taking a toll on the affordability of all home segments, but especially starter homes.”