But, prices have stalled. Closings over the past 30 days declined about 15%, but stayed slightly ahead of year ago numbers. Interest rates are lower than a month ago and seem happy staying at the lowest levels we have seen in over 3 years. Inventory still not good and possibly the reason we did not see price movement to the upside.
Last year, over the same period, median condo prices in the Jupiter area moved higher. It was the 1st of six straight monthly increases and over that span we saw median prices jump almost 11%, to the highest levels we had seen in 14 years.
So, yes, I am surprised that prices did not move higher this month, but still see pricing pressure to the upside. A macro economic event could derail this market, but assuming the economy stays on strong footing, we expect brighter days ahead for condo prices. Surprised we don’t see them today, not as bullish over the next month, but still see a new 14 year high before the snowbirds fly away for the summer.
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