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Jupiter Home Prices Fall for 3rd Straight Month
Jupiter home prices fall back to March valuationsAs of October 1st, median single family home prices in Jupiter and the surrounding communities fell again. Down another 3% from month ago levels bringing the three month total drop in Jupiter home prices to almost 8%. If you have been following our articles you know we have called for a short term drop in single family home prices throughout the Northern Palm Beaches so this news is somewhat expected for those watching the local market.While we have been calling for prices to retreat in the short term, we have to admit a little concern over the steepness of the drop. Jupiter home prices had climbed for 8th straight months before this recent pullback so we still feel it is a normal pullback of a market that had risen too fast for too long. However, it bears watching closely and we need to see this recent trend reverse course to keep the recovery train on track. Sales appear to be hampered more by lack of inventory than weakening demand but with cash sales falling there is little doubt investors have pulled back the reins on purchases as prices rose. Will other buyers pick up ... more
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