Austen O’Neill

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After jumping 14.5% MoM in February, existing home sales in March declined 2.4% MoM to an annualized pace of 4,440,000 u...
04/22/2023

After jumping 14.5% MoM in February, existing home sales in March declined 2.4% MoM to an annualized pace of 4,440,000 units. The median sales price, however, rose 4.0% MoM to $376,000 on low inventory and rising buyer competition. [NAR]

Just when you thought it was safe to go back in the water…average 30-year mortgage rates leapt 60 bps higher (that’s six...
04/21/2023

Just when you thought it was safe to go back in the water…average 30-year mortgage rates leapt 60 bps higher (that’s six-tenths of a percent) — from 6.14% on April 5 to 6.75% on April 19. The volatility has been wild, with good months (Dec/Jan & March) followed by bad months (Feb & April so far). For buyers (and their loan officers), the timing of the “rate lock” decision has become a major source of stress.

NOTE: On a $300,000, 30-year mortgage, a 50 bps increase in the mortgage rate would add ~$100 to the monthly payment and ~$35,000 to the total interest paid over the life of the loan.

The next Fed meeting will be on May 3. Pricing for the 30-day Fed Funds futures implies a 85% chance that the Fed raises interest rates by another 25 bps (one-quarter of 1%). A few weeks ago, that same figure was 50%.

Housing builds wealth, at all income levels. And the best time to buy was always 5 years ago. Even with higher mortgage ...
04/21/2023

Housing builds wealth, at all income levels. And the best time to buy was always 5 years ago. Even with higher mortgage rates, the housing market is doing just fine. In most markets, low inventory levels are constraining transaction volumes - but also keeping home prices supported.

South Florida’s median home price and inventory increase have continued to rise from the start of the year. Working with...
04/21/2023

South Florida’s median home price and inventory increase have continued to rise from the start of the year. Working with a Realtor® that understands each transaction is a unique consumer experience that allows them to navigate the current marketplace with intentional levels of support, complexity, and expertise.

Address

Palm Beach County, FL
33401

Telephone

+15612035487

Website

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