In December, the residential real estate market on the Treasure Coast experienced a decline in home sales in Martin and St. Lucie counties, while seeing an increase in Indian River County. Median sale prices across the tri-county area also decreased compared to November.
According to Freddie Mac, the 30-year mortgage rate in December ranged from 6.61% to 7.03%, which was lower than the rates in November.
David Serle, the president of Broward, Palm Beaches & St. Lucie Realtors, stated that with the market cooling down, there is less pressure on prices. Buyers have realized that prices are unlikely to drop significantly, leading them to reenter the market at a lower interest rate due to the reduced price pressure.
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