Home sales drop for the first time in a year, and prices remained steady without shooting up, but low interest rates and a shortage of homes mean that it could still be tough for buyers to land a house.
Closings in Palm Beach County plummeted 10.5%, Broward, Palm Beaches & St. Lucie were down 2.8% in Broward County and 3.5% in Miami-Dade.
“It’s an indication that prices could be coming down in the future, but there are other signs that we are not there yet,” said Ken H. Johnson, real estate economist at Florida Atlantic University. "Rather than a cool-down, the drop in sales is more likely a reflection of families heading back to school and waiting for the spring to buy a home."
Since the market remains so hot, it’s likely that South Florida will reach its peak in appreciation later than the national market.