While the prospect of mortgage rates exceeding 8% has garnered attention, it's unlikely to bring about a seismic shift in the housing landscape.

Affordability Concerns

In today's market in South Florida, a household income of approximately $159,000 is needed to afford an average home with 8% interest rates assuming a 10% down payment. This is particularly relevant for South Florida, where the cost of living can be higher than other regions and the "average home" starts at a much higher price than many parts of the country.

The Real Solution: More Homes

The ultimate remedy for enhancing housing affordability lies in increasing the supply of homes. This is especially pertinent for Broward and Palm Beach Counties, where the demand for…

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Introduction

Hello, I'm Andy with the Mandel Team at REMAX. Today, I bring you the October 2023 housing market update. We'll focus on single-family homes in Boca, Parkland, and Coral Springs, where our team does the majority of our business. Let's dive in.

The Stats That Matter

We aim to give you leading indicators to show where the housing market is headed, not where it's been. Media often talks about closed sales prices, which reflect the market 30, 60, or even 90 days ago. We want you to know what's happening now.

New Listings: The Supply

  • Boca: Up 6% compared to September 2022
  • Parkland: 20% fewer listings
  • Coral Springs: 17% fewer listings

Pending Sales: The Demand

  • Boca: Up 16.4% compared to last year

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There are many national headlines about the real estate market that may make you feel uneasy and like a major issue is brewing. It’s important to look at not only the national housing market but specifically the hyper-local South Florida market to really get an understanding of what’s happening.

National Housing Market Stats

Nationally in August 2023, the number of pending home sales dropped 7.1% compared to July and plummeted 18.7% compared to August 2022. These figures represent homes that have entered into a contract but have not yet closed, serving as a leading indicator for existing-home sales in the coming 1 to 2 months.

South Florida Housing Market Stats

But while those numbers do sound bad, lets look at the local South Florida housing…

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