Real Estate Market Update by Paul Langrock


Pinellas County: Single family home median price increased 16.5% April 2016-17 to $169,000 ($133/sqft).
*Latest Local News – Palm Harbor
*: Over 12 months, April 2016-17, our Palm Harbor median SFH values were up 16.3% to $317,500 ($155/sqft). The average sold price rose to $365,475 ($160/sqft). 
Housing demand for previously lived-in residences hit its highest point in four years increasing 6.5 percent to 5.45 million sales in January – the highest since 2006. New homes were up 12.2% in 2016 – also the best in a decade. AND, an important FYI to consider: “The Standard & Poor’s CoreLogic Case-Shiller national home price index scored 4/25/2017 increased 5.8% in February, the most in 32 months. Such strong price gains and slightly higher mortgage rates may eventually cool off demand.”
30-year fixed-rate mortgages(FRM) averaged 4.05 percent, with an average 0.5 point, up from the last week’s average 4.03 percent. At this time a year ago 30-year rates averaged 3.57 percent.*
15-year FRM
Averaged 3.29 percent with an average 0.5 point, up from last week’s average of 3.27%. Last year at this time the 15-year rate averaged 2.81 percent.