A STRONG HOUSING MARKET - Pent-up demand for quality housing remains high, evidenced by single-family homes and condos selling at the fastest pace in more than a decade. The surge in available inventory in the last two months was substantial and brought volume back to year-end 2021 levels.
The regional housing market improved in May, with pricing trending higher and buyer demand elevated. The Florida East Coast economy also strengthened, with the unemployment rate on par with early-2020. With the economy at full employment, wages will
continue to increase, helping to drive up the prices of goods and services. The high rate of inflation and rising mortgage rates will constrain some potential homebuyers in the coming months. At the same time, more existing homeowners are likely to tap into built up
equity in their homes, leading to a rise in inventory levels. Demand for homes and condos remained elevated across the region.
