Highland Beach Condo and Townhouse Recent Sales

Here is your market trend report for Highland Beach condos and townhouses. Recent sales for the last 3 months (as of November 4, 2022) range from $285,000 up to $8,250,000. Some other interesting observations about recent sales: Now that you you know what has sold, here is a list of Highland Beach condos and townhouses… Continue reading Highland Beach Condo and Townhouse Recent Sales

The Outlook For Housing Market Potential

What is the future potential of the housing market?

Fueled by historically low mortgage rates and a large segment of the workforce transitioning to a virtual working environment, 2021 marked the highest level for housing market potential since 2007. For perspective, the average 30-year fixed mortgage rate was 2.9% for 2021. As of September 2022, this average rate has pushed to 6.1% and has… Continue reading The Outlook For Housing Market Potential

U.S. Home Prices Were Up in Q2; Even Higher In Florida

The Sunshine State led the way for home price growth.

More than half of U.S. home mortgages are backed by Fannie Mae and Freddie Mac. Therefore, periodically the Federal Housing Finance Agency releases their House Price Index (FHFA HPI). This index tracks 100 cities to monitor home prices and it is based on mortgages in these areas. Overall U.S. house prices rose 17.7% year-to-year in… Continue reading U.S. Home Prices Were Up in Q2; Even Higher In Florida

Median Home Sale Prices For Palm Beach & Broward

Where were home prices in Palm Beach & Broward in July?

Although we have seen a significant slowdown in buyer activity throughout South Florida and across the country, home prices remain high. However, given the lower amount of buyer traffic for homes listed for sale now, we are also seeing a higher proportion of price reductions. Recently, we were able to analyze the latest home sale… Continue reading Median Home Sale Prices For Palm Beach & Broward

South Florida Home Sales Drop As Inventory Edges Higher

With South Florida home sales dropping, inventory may slightly improve.

What a difference just a few months makes in the housing market! It was only several months ago when spring home buyers were bidding up homes with hopes of winning the home ownership sweepstakes of paying well above listing prices. Fast forward a few months with record inflation and thus rapidly increasing mortgage rates and… Continue reading South Florida Home Sales Drop As Inventory Edges Higher

The Hotter The Real Estate Market The Higher The Inflation

The rate of inflation seems to track with migration patterns.

Inflation is currently at a four-decade high. Meanwhile, we have seen a consistent pattern of Americans permanently relocating to various Sun Belt metropolitan areas such as Miami, Tampa, Atlanta, & Phoenix. As it turns out with inflation, home prices are a “chicken-or-egg” event. In other words, they’re both a result of inflation and a cause… Continue reading The Hotter The Real Estate Market The Higher The Inflation

Foreclosures Are On The Rise (Back To Normal Levels)

Foreclosures are increasing back to normal levels.

For the past several years, foreclosure filings have been at historically low levels due to mortgage forbearance. For those that may not be aware of mortgage forbearance, this is when a mortgage lender allows a borrower to temporarily pay their mortgage at a lower payment or pause their payments altogether for a period of time.… Continue reading Foreclosures Are On The Rise (Back To Normal Levels)

South Florida Rental Prices To Remain High

South Florida rental prices have risen dramatically as demand also increases.

South Florida has always experienced a high level of in-bound migration from other states. However, since the beginning of the pandemic, we have seen a record level of Americans relocating to The Sunshine State. Although many of these transplants have been buying homes in paradise, many more have have decided to rent a home to… Continue reading South Florida Rental Prices To Remain High