The National Market:
According to NAR economists, a drop in mortgage rates to 6% would make homeownership attainable for roughly 5.5 million additional households. Many analysts expect the Federal Reserve to cut the Fed Funds rate four to six times over the next 12–18 months, a move that could strengthen the bond market and, in turn, help push mortgage rates lower. At the same time, nearly 30% of existing-home sales nationwide are all-cash transactions — a historically high share that underscores the depth of demand from buyers less affected by interest rate swings.
For now, the outlook for homeowners remains strong. Even with lackluster sales activity, prices continue to rise, delivering steady gains in property appreciation.
The Local Market:
Online activity is trending upward, which includes both inquiries and real estate search data. Curiously, we are seeing a surge in interest from Michigan, Ohio, and Illinois. Increased online engagement has been a leading indicator of stronger sales activity to come. Very positive!
• Single Family Homes: 7.1 months of inventory | 112 Days-on-Market to close.
Closed sales averaged 96% of asking price.
• Condos: 12.9 months of inventory | 185 Days-on-Market to close
Closed sales averaged 96% of asking price.
A summary of July Average Sold Prices:
Single Family Condo
30-A $2,322,267 (81) $1,694,888 (16)
Destin/Miramar Beach $1,566,248 (46) $ 708,125 (76)
Ft. Walton Beach $ 453,032 (98) $ 459,468 (19)
Ed Sez: The fourth quarter is often our strongest of the year, as more serious buyers visit once the tourist season winds down. We anticipate an uptick in pending sales in the months ahead.
Ed & Terri Smith
RE/MAX Coastal Properties
Selling Emerald Coast Real Estate Since 1987!
Inlet Beach - 30A - Santa Rosa Beach - Miramar Beach - Destin - Fort Walton Beach