Jupiter home prices continue to pull back
As of October 1st, the median price of a single family home in the Jupiter area has fallen again for the 4th straight month. Median prices during September fell to $473,750 from $477,5000 the month before.
It is hard to say exactly when this four month decline becomes more than a healthy correction of a market that has risen for seven straight years and just set an all time record high of $500,000 on June 1st. With affordability concerns any pull back is welcome news to those out there actively trying to find a home in a particular location and price range.
Interest rates continue to climb and today are at 4.78% for the average overnight rate on a conforming 30 year loan. That is another 10 basis point jump from rates we saw just last week. I cannot tell you how critically important where rates head will be on real estate prices as we move forward.
Our gross domestic product numbers have jumped above 4% annual growth and all economic signs are pointing to more positive news than we have seen in a long time. The economy keeps getting better and better, with unemployment levels at the lowest levels we have seen in about 50 years. Both metrics are very impressive but there is so much going on in Washington one has to shake their head in dismay at the hatred we are seeing on the news at any time. National debt keeps growing and we need to watch very closely on how the new tax cuts will affect this very important number.
Single family home sales were down about 26% in September but that fall is somewhat expected this time of the year. Inventory levels increased for the 1st time in 7 months over the past 30 days which is another good sign for buyers who now have a bit more choice that they have had for a long time.
The housing market, here in the Jupiter area, seems to be pausing and waiting for something to get it going. Still limited quality inventory in many locations, but we are seeing listed properties that have many wondering why they have not sold. Seasonal visitors are already arriving and million dollar home sales remain strong. The next few months are going to be fun to watch unfold.
Every home is different and if you are selling, or buying, in today’s market you need to be fully educated about what is going on in your particular neighborhood. Being informed has never been easier but there are still many in the real estate profession who focus on selling and not educating. An informed decision is a better decision, and if Paradise Sharks can ever be of help with any of your real estate problems, you will find us very easy to reach at 561.308.0175 or firstname.lastname@example.org.
Until next week…………