Mortgage interest rates are up again today, even though all economic indicators and reports are consistent with market expectation. Consumer spending is up. Personal income is up. Consumer confidence up. Home price index up.
The fact that major stock indexes are higher and 10 year treasuries are down (both bad for mortgage interest rates), gold and oil prices down (both good for mortgage interest rates) I must respectfully plead the 5th 🙂 Up rates shall go, but how quickly and by how much is anyone’s/everyone’s guess.
With mortgage interest rates of below 5 percent for roughly 10 years now, the markets are not shocked by the more recent increases that we have seen. Shocked may better describe the many millennial homebuyers who have only known these super low rates. If low rates significantly impact someone’s decision to purchase a home or condo, that person or persons should act sooner rather than later.
Locally, YTD number of units sold is being tempered by increasing pricing and low inventory levels. Fewer choices for more money does not bode well for improved sales numbers. Appreciation remains fairly strong as indicated by the statistics to follow.
The Y-T-D recap of our market’s diverse Average Sales Prices:
Single Family Condo
30-A $1,338,335 $666,383
Destin/Miramar Beach $766,431 $445,325
Ft. Walton Beach $262,330 $292,470
Please call us anytime for a market update!
Ed, Terri, Kay, Denis and Tammy