According to the Miami Association of Realtors, Palm Beach County total home sales decreased 5.1% year-over-year in July 2023, from 2,222 transactions in July 2022 to 2,109 in July 2023.

Most of the homes purchased in July 2023 came to terms in June when mortgage rates peaked at 6.71%. Rates, in comparison, were 5.09% on June 2, 2022. Even with the elevated rates, Palm Beach single-family pending sales rose 2.6% year-over-year to 1,245 transactions in July 2023.

Home sales are sensitive to mortgage rate changes. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago.

Palm Beach single-family home sales decreased 2.2% year-over-year, from 1,190 in July 2022 to 1,164 in July 2023 because of its comparison to a historic month and the current market has lower inventory in specific price points and higher rates.

To continue reading the rest of the article, please click on the source link below:

https://www.worldpropertyjournal.com/real-estate-news/united-states/jupiter/real-estate-news-palm-beach-home-sales-data-july-2023-palm-beach-condo-sales-data-july-2023-median-home-price-data-for-palm-beach-in-2023-miami-associ-13867.php

Comments

comments