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% –– –– ––