Income levels and mortgage rates gave homebuyers in June 129% more house-buying power than they had in 2006, according to First American Financial Corp.’s June Real House Price Index.

Housing inventory was down across South Florida counties during August. Existing-home sales were up in Broward and Palm Beach.

Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

In what’s been a historic, frantic market, homes selling for large sums over list prices have risen sharply since January.

You might be surprised by the results of this survey.

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

Smaller, more affordable homes are hitting the market, helping moderate median list prices, according to Realtor.com.

Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.

Meanwhile, the Mortgage Bankers Association’s seasonally adjusted purchase index rose 8% from the previous week.

Home values on the Treasure Coast are booming. This surge is caused by new growth in the area economy including an influx of new companies plus out-of-state residents moving to the area.