Delray Beach Homes for Sale on the move up.

The National Association of REALTORS® reports home sales across the country are up and, in some areas, the rise is the second highest over a decade. The only hold back it seems is inventory. More affordable listings would definitely increase the sales activity because the real estate market is full of interested buyers, says NAR Chief Economist Lawrence Yun.

First Time Buyers Need Affordable Homes for Sale

Yun reports that real estate markets in several high-cost areas are in need of affordable homes like single family starter homes, townhouses, and similar property types. The idea is to bring in an affordable price point to the real estate market for younger buyers to be able to move into homeownership.

The rate of homeownership can’t rise from its 50-year low without new buyers moving into the marketplace, Yun points outs. A boost from first-time home buyers is the only way and millennials have not enter the real estate market at a noticeable rate at this point even though interest rates have been near record lows for months.

Index Numbers on Pending Home Sales

Yun notes between all four regions of the country, the West had the highest pending home sales index it has experienced in over three years. Overall the index, which is a forward-looking indicator based on contract signings, saw its numbers rise in July by 1.3 percent to 111.3 from June’s revised numbers of 109.9.

July is the second highest index reading for 2016 only being superseded by April which came in at 115.0.

For Florida and the Southern region, pending home sales moved up slightly to 123.9. This is 0.8 percent higher than the previous month and 0.4 percent higher than last year at this time.

Delray Beach Homes for Sale

Some of the hottest real estate in South Florida is located in Delray Beach. Homes for sale in this Palm Beach County city entice retirees, millennials and everyone else in between to this artsy “Village by the Sea.” Noted as one of Florida’s Top 10 Beaches by the Travel Channel in the past two years, Delray Beach real estate offers interested home buyers innumerable reasons to consider homes for sale in Delray Beach.

Delray Beach real estate comes with one of the most vibrant downtown areas with Atlantic Avenue offering dining, shopping and entertainment venues for a variety of tastes and likes. The historic area plays host to outdoor events and festivals that work well with the temperate weather which makes the town an outdoor livable city all year long.

The Delray Beach real estate market is expanding with new home builds seen on the western side of the county. Although South Florida always will have an upper-end market for larger, more expensive homes, it’s the lower costs and smaller sizes of new homes that are inviting first-time home buyers to take a serious look at homeownership.

Numbers on residential construction show smaller homes are what the real estate market is demanding and builders have taken notice shifting their plans to target buyers in the middle and lower price tiers.

Get more information in this brief review on July home sales from the National Association of REALTORS®

Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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