Hey, it's Andy with the Mandel team. And I'm here to bring you your August, 2024 housing market update.

As always, for the purposes of these videos, we're talking about single family homes only. So no condos, no townhouses, no 55 and over and no country clubs. Those are wildly different markets.

And we're talking about Boca Parkland and Coral Springs. Those are the areas where our team does the predominant amount of our business.

So I want to give you the leading indicator showing you what happened last month in July. So, you know, where the market is headed. Not where it's been.

A lot of times when you hear these stats from the national news media, they're talking about closed sales price, which is really indicative of what happened…

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Mortgage rates have recently dropped to their lowest levels of the year, creating a great opportunity for homebuyers and those looking to refinance. Our preferred lender offers a competitive rate of 6.375%, which is about 0.25% to 0.5% lower than the national average.

If you're considering purchasing a $750,000 home with a 10% down payment, your mortgage would be $675,000. At our lender's rate of 6.375%, your monthly principal and interest payment would be approximately $4,211.

Just 30 days ago, the rate was around 7%, making the payment on the same mortgage roughly $4,491. By securing a loan at our lender’s current rate, you could save over $280 per month compared to last month’s rates.

With these favorable conditions, now is the perfect time…

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