Jonathan Lickstein speaks to the Epoch Times about April Sales Dip and Upcoming Market Moves
Epoch Times
According to the National Association of Realtors ® (NAR), existing‑home sales in the United States fell by 0.5 percent in April and were down two percent year‑over‑year. Yet prices for single‑family homes, townhomes, condominiums and co‑ops reached an all-time high for April.
In South Florida, Jonathan Lickstein, president of Broward, Palm Beaches & St. Lucie Realtors®, doesn’t foresee a major price drop. “The price trends we’ve been seeing lately are dependent on the price point,” he explained. “The mid-range single-family home market that used to feature properties for $250,000 are now worth about $600,000 and are unaffordable for many. That’s where sellers are making some concessions on these prices.”
By contrast, he noted, the luxury market—priced between $2 million and $10 million—is remaining steady. “The more affluent groups have the capital to purchase, and they are not necessarily worried about mortgage rates. Many of these deals are in cash,” Lickstein stated.
Lickstein also pointed out that there are “pockets of affordability” in areas such as Lauderdale Lakes and added that he expects interest rates to adjust by the end of the year, further stabilizing the market.