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 April 2022. Read on to learn more about the real estate market in South Palm Beach County:
The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
New Listings decreased 11.0 percent for Single Family homes but increased 0.9 percent for Townhouse/Condo homes. Pending Sales decreased 20.7 percent for Single Family homes and 25.7 percent for Townhouse/Condo homes. Inventory decreased 24.9 percent for Single Family homes and 51.5 percent for Townhouse/Condo homes. Median Sales Price increased 35.3 percent to $625,000 for Single Family homes and 27.3 percent to $280,000 for Townhouse/Condo homes. Median Time to Contract decreased 33.3 percent for Single Family homes and 62.5 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 13.3 percent for Single Family homes and 47.6 percent for Townhouse/Condo homes.
Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.
Want to know more?
I’m always here to help you navigate the local market. I can analyze the specific neighborhood and price range for you, whether you are interested in buying or in selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Posted by Gloria Singer on