Palm Beach county saw significant gains in new luxury home construction in 2013 while South Florida economy rebounded.
A report from MetroStudy shows construction started on over 2,000 Palm Beach County homes last year, up 13 percent from the previous year, as reported by the Palm Beach post. This is partly due to a lack of resale inventory which inspired builders to construct more new residences.
The median price for new construction luxury homes were at a median of $600,000, an increase of 11 percent from 2012's median prices. Meanwhile, the national average sales price for a home was around $265,000, an increase of $20,000 from the previous year.