February 2023 Boca Raton Real Estate Market Statistics
Posted by Gloria Singer on
Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for February 2023 Read on to learn more about the real estate market in South Palm Beach County:
In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for…
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On October 3, 2015, the rules changed for buyers who need a mortgage to purchase a home. Both buyers and sellers may be impacted by these rule changes because if there is a delay due to the loan documents, the closing and any subsequent closings will be postponed. The desire to have a back to back same day sell/buy closings maybe over owing to due the TRID rule.