PALM BEACH COUNTY, Fla. — Real estate experts say signs show the housing market has cooled.
“The longer the sales period, the fewer properties that sell during the sales period, the lower the number of foreclosures,” said Ken Johnson of the real estate program at Florida Atlantic University.
Realtors say they see it too.
“A couple of months ago you had an open house and 50 to 100 parties were going, now it’s 5 to 7 parties,” said Anthony Salerno of Prime Home Realty in Wellington.
But as sales seem to be slowing, in part because of rising mortgage rates, prices in South Florida aren’t falling much.
“We’re starting to see a little bit around people lowering their prices here and there but still if you look at the average asking price it’s historically high,” Salerno said.
“What we’re getting is this double-digit or 20 percent increase a year, that’s not true,” said Johnson, who still presents an insurmountable barrier to many buyers looking for enter the South Florida real estate market.
“It’s probably not going to be a seller’s market like we’ve seen in the last year or so, but we’re definitely going to be in what we call a seller’s market for the next year or two,” he said.
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