Broward Buyers, Lock in Now. Interest Rates on the Rise

Market Update for Broward County
September 2018

Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Broward County. The reports compare year-over-year data for September. Here are statistics on single family homes.

“Our numbers appear much higher this year because we were affected by a hurricane last year. Keep in mind there was a halt in real estate activity — no one could close on their homes. Closed sales, new pending sales, new listings, etc. These year-over-year numbers are not typical,” said Ron Lennen, President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.

With no local hurricane activity this season, closed sales totaled 1,142 in September versus 964 at the same time last year.

“Meanwhile, median time to contract remains below 40 days, and this number may drop in the coming months. With the volatility of the stock market, consumers could choose to invest in real estate and look to close quickly to lock in lower interest rates,” Lennen said.

The national average APR is 4.880% as of October 19, 2018, according to Bankrate.com. Bankrate surveys large lenders in all 50 states to determine the average annual percentage rate.

Market Reports: Broward Single Family | Broward Townhouses/Condos

Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the country, representing 33,000 Realtors®, 35,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.