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 2021. Read on to learn more about the real estate market in South Palm Beach County:
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
Local Market Summary
New Listings decreased 6.9 percent for Single Family homes and 16.5 percent for Townhouse/Condo homes. Pending Sales decreased 25.1 percent for Single Family homes but increased 3.3 percent for Townhouse/Condo homes. Inventory decreased 51.9 percent for Single Family homes and 63.6 percent for Townhouse/Condo homes.
Median Sales Price increased 28.7 percent to $528,500 for Single Family homes and 12.5 percent to $225,000 for Townhouse/Condo homes. Median Time to Contract decreased 78.8 percent for Single Family homes and 72.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 63.9 percent for Single Family homes and 75.0 percent for Townhouse/Condo homes.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
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