“Housing shortage” hits Palm Beach County

House for sale

(Getty Images)

 

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.”

Reader Comments 0

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Basic HTML is allowed. Your email address will not be published.

Subscribe to this comment feed via RSS