Written by Michael Citron
Amid fears of an impending 2024 recession and predictions of a 2023 housing crash, the market has shown remarkable resilience.
Despite mortgage rates reaching a 23-year high of 8%, real estate prices have remained stable, with healthy increases ranging from 1% to 4% each year.
Economic forecast and unemployment rate
Latest economic forecast research wall street journal bring good news. Fewer than half of economists believe there will be a recession within the next year. An examination of historical data and macro trends shows that the Bureau of Labor Statistics predicts that the housing market will weather the storm, despite an expected increase in unemployment in 2024.
The current unemployment rate, which is near record lows, suggests that the market will not be adversely affected. As the unemployment rate rises, mortgage interest rates fall. Therefore, the market is not ready for a crash, even though unemployment is predicted to skyrocket.
Local Market Dynamics in Parkland, Florida
zoom in Parkland, Floridawhere there are consistently fewer than 100 homes for sale each week, reflecting stability in the market.
If current trends continue, the market could shift into a buyers’ market, but the expected lower interest rates could bring in a new wave of buyers, leading to major changes in the market by next spring/summer. be.
Median sales price from the beginning of 2023 to date
The median sales price in 2023 from January 1st to the end of November is $1,156,000.
Trends in rent and mortgage interest rates
of rental market is making headlines as its monthly rental costs have increased by 5% compared to last year.
For the future
As the end of the year approaches, the focus is on: mortgage interest rate, currently stands at 7.08%. A potential drop below 7% may indicate a peak in real estate activity. We recommend acting strategically with potential buyers, especially if interest rates drop to his 6% range.
As conclusion, south florida real estate The market continues to be strong and next year will be an exciting year for buyers and sellers alike.
If you’re ready to take action or just want some advice, please contact me. Your trust is our top priority and we look forward to helping you make informed real estate decisions. Stay tuned for more updates in future videos!
Buy and sell with confidence!
Michael Citron – Owner and Realtor of Parrot Realty