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7070-9 Seminole Pratt Whitney Road - Loxahatchee, FL 33470

(561) 469-2759

info@reachestateteam.com

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Market Update | August of 2018

Market Update | August of 2018

– The 30-year fixed mortgage rate has averaged 4.46% throughout the year, up from 3.99% in 2017 motivating many buyers to buy now before rates climb higher

– Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0% creating affordability concerns in several markets*

– Wealthy out-of-state buyers are flocking to South Florida to establish residency in order to avoid shelling out money to the government as a result of last year’s tax reform

– Median sales price increased 2.9% to $360,000 for single family homes and 3.1% to $185,000 for Townhouse/Condo homes*

– Months supply of inventory decreased 9.8% percent for all properties so it is still a strong sellers market

– While there are concerns about an economic downturn, the fact remains that the trends do not support a dramatic shift away from what has been experienced over the last several years. Housing starts are performing well, prices are still increasing, supply remains low and consumers are optimistic*

*Courtesy of RAPB+GFLR REALTORS® OF THE PALM BEACHES AND GREATER FORT LAUDERDALE

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Reach Estate Team

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