Thinking about buying or selling Boca Raton luxury homes? Now may be a perfect time. See what industry experts are reporting on the Boca Raton real estate market and beyond, as the May housing numbers start to come in, be confirmed, and reported.
Homes Sales Remain Steady
The housing news for the month of May is coming in and it continues to bode well for home sellers and buyers across the country. According to the U.S. Department of Housing and Urban Development and the Commerce Department, reports show housing starts remaining relatively steady.
Data shows new construction nationwide dropping to a seasonally adjusted rate. Slipping 0.3 percent to 1.16 million. Permit requests and the number of these issued to start on new construction were up 0.7 percent to an annual rate of 1.14 million, which also is adjusted seasonally.
According to the National Association of Home Builders, home construction businesses are reporting improvements in the market as more consumers are willing and ready to buy homes. May experienced an increase in single family homes being built as confidence climbed in housing developers and home builders.
Housing starts went up approximately 10 percent when compared to this same time last year. A couple of things holding these numbers back is supply-side, reports the NAHB, with shortages seen in available labor as well as buildable lots.
The housing starts on single-family homes in May showed a seasonally adjusted increase of 764,000 units on an annual rate basis which is up 0.3 percent. Multifamily production edged down 1.2 percent to 400,000 units. When it comes to permits, single-family homes dropped 2 percent to a rate of 726,000 while multifamily permits went up to 5.9 percent to 412,000.
Boca Raton Luxury Homes Market
Although when it comes to the Boca Raton luxury homes market, the season seems to be always on, there actually are peaks and valleys in this city in Southern Palm Beach County.
Boca Raton real estate typically experiences its highest selling season in the fall. That is when seasonal residents drive south to spend the coldest months of the year in this gorgeously lush and warm environment. Home sales are known to peak during the fall and winter months as these yearly visitors choose to purchase homes for sale in Boca Raton instead of spending their time here with rent payments.
This bodes well for most since Boca Raton luxury homes can turn into great rental properties for their owners during the hot summer months when families and young adults choose to take vacations and need their own rental property for the week.
To see what homes for sale in Boca Raton are currently available for purchase or rent, visit the Berkshire Hathaway HomeServices Florida Realty real estate listings page. Berkshire Hathaway HomeServices Florida Realty serves 19 counties throughout Florida and more than 1,800 sales professionals. The full-service brokerage, founded in 1999, is a wholly owned subsidiary of WCI Communities, Inc. Berkshire Hathaway HomeServices Florida Realty is ranked fifth in the Berkshire Hathaway HomeServices network. Visit www.BHHSFloridaRealty.com.
