According to IPRE.com, sales of single-family homes fell again in August to 688. The drop is in the neighborhood of 15 percent year over year. Also, the median price of homes in Palm Beach County fell to $280,000 in August. That’s down from $300,000 a year ago.

These numbers are from the MLS and trend lower than the Florida Association of Realtors’ numbers that will be published today. One reason is that the MLS report contains all sales, including condos. But it does gives us an indication of other numbers from the August existing-home-sales report. Days on market (the time it takes to sell a property) have been rising steadily and in August were up to 146 from 107 in August 2006.

The most alarming trend the August report reveals is that “inventory”, the number of unsold homes on the market, continues to show significant increases. In August, there were 24,428 existing homes and condo units for sale in Palm Beach County, according to the report. At the current pace of sales, that’s almost a three-year supply.

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Real estate agent Caesar Parisi stands ready with effective advice for Selling Your Boca Raton home.

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