September 2024 South East Florida Real Estate Market Report & Newsletter by Susan J Penn Realtor

Happy Labor Day!

For much of the past three years, inflation had risen higher than the Fed's 2 % goal.  The economy is healing from the pandemic where supply and demand was quite difficult to balance. In 2022, inflation exceeded 6 percent. Now that we are  toward the end of 2024, Jerome Powell believes that inflation is on a sustainable path back to the 2 percent level. The September 18th meeting may give a lower rate change.

Buyer anxiety around prices and the Presidential election precipitated the fall season as the National Association of Realtors' Pending Home Sales Index declined 5.5%, to 70.2, with the lowest index reading in 23 years. Sales for Housing are at a slow pace and although the level of inventory is climbing, it is not enough to suit Buyers demands. Also, Buyers are being very picky in their choice of homes. Buyers want a turn key home with multiple upgrades. A key issue driving America’s housing affordability crisis is a persistent lack of homes on the market. Supply is simply not keeping up with demand in many markets across the country, for varying reasons. Mortgage rates are dropping in advance of the Federal Reserve's September 18, 2024 meeting. Once Buyers notice mortgage rates falling, homes for sale will start moving again with more sales occurring.

As far as the NAR Settlement, the Real Estate Business is back to Normal with the use of knowledge and extra forms. Spending multiple hours learning and reviewing these new documents has placed myself back on track and ready to assist you with your real estate needs.