Palm Beach And Broward Counties Market Updates. November 2018

The booming U.S. economy continues to prop up home sales and new

listings in much of the nation, although housing affordability remains a

concern. Historically, housing is still relatively affordable. Although Freddie

Mac recently reported that the 30-year fixed rate is at its highest average in

seven years, reaching 4.94 percent, average rates were 5.97 percent ten

years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago.

Nevertheless, affordability concerns are causing a slowdown in home price

growth in some markets, while price reductions are becoming more

common.

New Listings increased 4.7 percent for Single Family homes but decreased

7.0 percent for Townhouse/Condo homes. Pending Sales decreased 17.8

percent for Single Family homes and 13.3 percent for Townhouse/Condo

homes. Inventory increased 5.4 percent for Single Family homes but

decreased 1.8 percent for Townhouse/Condo homes.

Median Sales Price increased 4.6 percent to $340,000 for Single Family

homes and 5.5 percent to $174,000 for Townhouse/Condo homes. Median

Time to Contract decreased 5.4 percent for Single Family homes and 15.6

percent for Townhouse/Condo homes. Months Supply of Inventory

increased 4.4 percent for Single Family homes but decreased 5.6 percent

for Townhouse/Condo homes.

The Bureau of Labor Statistics recently reported that the national

unemployment rate was at 3.7 percent. Low unemployment has helped the

housing industry during this extensive period of U.S. economic prosperity.

Home buying and selling activity relies on gainful employment. It also relies

on demand, and builders are showing caution by breaking ground on fewer

single-family home construction projects in the face of rising mortgage

rates and fewer showings.

Single Family Market Overview

Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Single Family properties only.

Key Metrics Historical Sparkbars 11-2017 11-2018 % Change YTD 2017 YTD 2018 % Change

Closed Sales 2,847 2,683 - 5.8% 36,665 36,508 - 0.4%

Median Sales Price $325,000 $340,000 + 4.6% $320,000 $339,000 + 5.9%

Average Sales Price $446,159 $447,770 + 0.4% $436,134 $473,854 + 8.6%

Dollar Volume of Closed

Sales (in millions)

$1,268 $1,195 - 5.8% $15,950 $17,252 + 8.2%

Percent of Original

List Price Received

94.2% 93.8% - 0.4% 94.4% 94.3% - 0.1%

Housing Affordability Index 96 86 - 10.4% 97 86 - 11.3%

Median Time to Contract 37 35 - 5.4% 34 33 - 2.9%

Pending Sales 2,919 2,400 - 17.8% 37,324 37,244 - 0.2%

New Listings 4,602 4,817 + 4.7% 56,201 58,173 + 3.5%

Inventory of Homes for Sale 14,852 15,654 + 5.4% –– –– ––

Months Supply of Inventory 4.5 4.7 + 4.4% –– –– ––

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