RECESSION FEARS FADING FOR U.S. REAL ESTATE?

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Hi everybody, Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee the sale of your home or I'll buy it!

I share market data weekly to inform you about the local real estate market.

Here is this week’s Boca Market Watch.
 

Single Family Homes

This past week, 63 new listings, that's better, and ranging in price from $526K to $22.5M! And that is worth noting. The real estate industry has been waiting for good news that could point to the end of a choppy period. Could this mean that we are turning the page? A growing number of economists are backing down from their forecasts that the U.S. is very likely to enter a recession this year.

Following a series of positive economic reports in the past few weeks, with more experts predicting good news to come, everyone is keeping their eyes fixed on the Fed. Could we go into a recession if the Fed keeps up this hawkish mentality for longer than it should? Of course.

Continuing on, 36 different properties under contract, and 22 going pending, still awful. Purchase mortgage loan applications dropped for the third week in a row as rates inched near 7%. Those are forward looking metrics. And a decent week with 65 homes sold, ranging from $305K to $8.25M!
 

Condos and Townhomes

83 new listings, that's up two weeks in a row, and ranging from $99 Grand to $5.2 Million. And a down week with 36 different properties under contract, and 42 going pending. 71 closed sales this week, up nicely from the last three weeks, and ranging in price from $109K to $3.2M.


So it's kind of a mixed bag right now. In the moment stats are good, but the leading indicators are bearish. And on a macro level, most of the market technicals are slightly positive. We'll just have to watch and see how things shake out.