The median cost to buy an existing reached another staggering benchmark last month, setting a new record high in a market where sales volume has slowed but prices are still hot. June’s median sale price of $659,999 was about 5.5% higher than in June 2023 and nearly $10,000 more than the set in April.
At the same time, the number of closed deals in June dropped 11% from last year to 1,269. The sales information, released Tuesday, July 23, by the Broward, Palm Beaches, and St. Lucie Realtors Group, comes ahead of potential interest rate cuts this fall that some Realtors said could lead to further hikes in prices as sidelined buyers jump back into the market.
Jeremy Lu, a Realtor with the Tom Davis Group in West Palm Beach, said there may be “preemptive buying” happening this summer. “People are buying and if the feds drop the rates, they can refinance,” Lu said. “They want to do it before prices go up.
” As of July 18, the average 30-year fixed rate mortgage interest rate was 6.77%, according to Freddie Mac. While that is a small decrease from earlier in the month, it’s up from the 5.
5% from the same time in 2022. Bankrate, which surveys the country's largest lenders, said the average mortgage interest rate for a 30-year fixed loan was 6.87% this week.
The record sales price came as the existing homes for sale also increased to a 4.5 months’ supply in June, which is up from three months last year. But it’s still below the 5.
5 to six months that is considered .