Home prices soar, and five other things to know about Palm Beach County’s housing market

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The median price of a house sold in Palm Beach County last month rose to $320,000, up 5.6 percent from June 2015, the Realtors Association of the Palm Beaches said Thursday.

Five other stats that jump out from the monthly look at Palm Beach County’s housing market:

  1. Total sales volume fell a bit: House sales in June totaled $918 million, the highest monthly total since June 2015’s $941 million.
  2. Mansion sellers play the waiting game: The typical house spent 43 days on the market before going under contract. For homes priced at under $50,000, median time to contract was just 15 days. But for mansions priced at $1 million or more, the typical marketing time was 140 days.
  3. In the condo market, cash is king: Fully 58 percent of condos and townhouses sold last month went to buyers without mortgages. For houses, just 32 percent of sales were for cash.
  4. Condo prices cooled: The median condo price was $161,500 in June, down from $165,500 in May.
  5. More leverage for condo buyers: Condos sold last month for 93.0 percent of list price, the lowest level in at least a year. Houses, on the other hand, fetched 94.9 percent of the asking price.

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