Florida Realtors’ data: Single-family home sales up 26.9% year-over-year, median sales price up 15.6%; condo sales up 30.3%, median price up 15.9%. Chief Economist O’Connor: Strong and persistent demand, coupled with worsening inventory shortages, continued to drive up home values.
Last week, a stock market surge pushed rates a bit higher. This week, the average 30-year, fixed-rate mortgage fell once again to 2.72%, its 13th record low this year.
NAR Chief Economist Yun predicts low mortgage rates (3.1%) next year, a 3% home price increase, 9% existing-home sales increase and a 23% surge in new-home sales.
Year-to-year, Oct. sales rose 26.6%, up for the fifth month in a row. “The housing sector has performed remarkably well” considering everything, says NAR economist.
Fla. House and Senate leaders say the state needs to address the impact of rising seas on the state’s coastal communities and suggested forming work programs.
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