The real estate market in Florida and elsewhere continues to be strong in specific areas. According to the latest numbers by The Mortgage Bankers Association (MBA) Builder Application Survey (BAS), more new home mortgage applications were turned in this past March with numbers jumping up 17 percent when compared to February.
South Florida Shows Preferential Markets
When looking at homes for sale in Delray Beach or Boca Raton luxury homes, the market this year has indicated a preference for homes in certain price points. Specifically, those listing at $450,000 and less are in high demand.
Condominiums also have shifted in the South Florida real estate market. Home sellers across counties are placing their condos up for sale, including in Palm Beach County where there are a variety of condo homes for sale in Delray Beach. The number of available inventories is on the increase giving interested buyers a choice of location, size, and amenities.
New Construction Reaping Some of the Rewards
The continuing low-interest rates and typical springtime property demands have ignited the new construction market. A strong job market and the rising prices on existing home properties has helped strengthen new home construction. In South Florida, many new construction condo projects are underway, as anyone living in the area can attest to.
Builders across the state and country also are experiencing a similar upswing. In March, the Builder Applications Survey reported an increase of more than 18 percent higher when compared to the same time last year. This is the highest level ever recorded since this surveying began back in 2012. The Builder Applications Survey is aimed at providing timely and detailed monthly metrics on loan application activity. It takes information it receives directly from home builders for new single-family properties.
Over the last three years, this data has offered the industry a gauge of new home sales activity across the country. Some of the findings have shown that peak application activity for new homes can be expected to take place in March and April. This means the new home sales trend should continue through this month if past years are any indication.
Most Popular Loan Types in Today’s Current Market
The spring real estate selling season has indicated an increase in home sales prices. The MBA Builder Application Survey reported February registering an average mortgage loan for a new home coming in at $328,370 while March numbers showed an increase on its average to $339,296.
The most popular loan types taken out by home buyers across the United States in the past couple of months were:
- Conventional loans: 5 percent of loan applications were Conventional Loans
- FHA loans: 18.7 percent of loan applications were FHA Loans
- RHS/USDA loans: 0.7 percent of loan applications were RHS/USDA Loans
- VA loans: 13.0 percent of loan applications were VA Loans
See Currently Available Listings
Whether new or pre-existing, you can always find the latest homes for sale in Delray Beach at the Berkshire Hathaway HomeServices Florida Realty website. If looking for a specific community or other special feature, talk to a Berkshire Hathaway HomeServices Florida Realty professional experienced in the city and familiar with homes for sale in Delray Beach.
Talk to us today to get your new real estate adventure started!
