A real estate market is expected to reach record highs in Palm Beaches as buyers seek a lower price for their homes.
The Palm Beach Real Estate Board expects average sales prices to average between $500,000 and $1 million for all property types in PalmBeach during August, the Palm Beach Post reported.
In contrast, sales in Boca Raton hit a five-year low in August, according to a new study by real estate research firm CoreLogic.
CoreLogic found that Boca, Lake Worth, and Orlando sales prices fell by an average of $924,000, while Palm Beach sales fell by $824,400.
The report was compiled by CoreLogics and RealtyTrac, which is owned by the Palm Beachers Association, according the PalmBeaches Post.
“It’s really an interesting pattern to see,” Mark Borkowski, a CoreLogicus senior economist, told the Post.
“The trend has been pretty consistent.”
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