In October 2017, Americans purchased homes at the fastest pace in a decade- a 6.2% monthly increase nationally, and a 16% monthly increase in Palm Beach County, according to the Florida Realtors Association.
Why are people buying?
One contributing factor could be the result of the national interest rate on 30-year fixed mortgages continuing to drop. Last week mortgage rates dropped from 3.95% to 3.92% in comparison to 4.03% in 2016 (National Association of Realtors). Historically, lower mortgage rates have helped drive home sales and those looking to refinance the market.
A healthy job market and low national unemployment rate of 4.1% could also be driving people to purchase homes. Palm Beach County currently has a strong economy with areas…