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 July. Read on to learn more about the real estate market in South Palm Beach County:
In July, the U.S. economic expansion that began in June 2009 became the longest in the nation's history, marking 121 straight months of gross domestic product growth and surpassing the 120-month expansion from 1991 to 2001. The average rate of growth during this expansion has been a milder 2.3 percent per year compared to 3.6 percent during the 1990s. Many economists are predicting a mild recession as some indicators (inverted bond yield, etc) are pointing in that direction.
During the record-setting 121-month economic expansion, the unemployment rate has dropped from 10.0 percent in 2009 to 3.7 percent, yet many consumers continue to struggle financially. Low mortgage interest rates have helped offset low housing affordability, but high home prices are outpacing median household income growth.
Total Market Overview
New Listings decreased in July year over year 1.8 percent for Single Family homes but increased 5.2 percent for Townhouse/Condo homes. Pending Sales decreased 12.4 percent for Single Family homes and 12.9 percent for Townhouse/Condo homes. Inventory decreased 11.4 percent for Single Family homes and 7.4 percent for Townhouse/Condo homes. Median Sales Price increased 0.8 percent to $370,000 for Single Family homes and 4.2 percent to $184,500 for Townhouse/Condo homes. Median Time to Contract decreased 5.4 percent for Single Family homes but increased 7.9 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 10.0 percent for Single Family homes and 4.4 percent for Townhouse/Condo homes.
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Posted by Gloria Singer on