Singer Island, Florida – Weekly Condo Market Update: 06/24/11

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Singer Island, Florida

There are 269 condos for resale on Singer Island; 11 condos are currently pending. No condos sold within the past 7 days.

Rates for the 30-yr. fixed mortgage held steady at 4.50 percent this week.

The average 15-year fixed mortgage rate increased slightly to 3.69% from 3.67% last week. Last year at this time, the 30-year fixed-rate mortgage averaged 4.69 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac, states that “Mortgage rates were virtually unchanged this week amid further indications of a soft housing market. Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover, existing home sales fell 3.8 percent in May to the fewest since November 2010.”

More than half (60%) of the mortgage industry experts polled by expect the rates to remain relatively unchanged over the next 30 to 45 days; while only 7 percent predicting rates will decrease and 33% thinking rates will increase.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

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