Vero, Florida Real Estate Market

Vero, Florida is a city that has experienced a lot of the same ups and downs as the rest of the state and even the nation when it comes to real estate market fluctuations.  Most recently, in April 2011, existing-home sales slowed slightly, by 0.8 percent to a seasonally adjusted annual rate of 5.05 million units nationally.  These figures are derived from a recent report by the National Association of Realtors (NAR).  Existing-home sales include recently purchased single family residences, town homes, condominiums, and co-operatives.

Other results of the NAR study show that total housing inventory in the Vero area increased 9.9 percent by the end of April 2011 to 3.97 million existing homes for sale.  At today's current sales pace, this represents a 9.2-month supply.  Freddie Mac reported that, in April 2011, the national commitment rate for a fixed-rate conventional 30-year mortgage was 4.84 percent.  This represents unchanged figures from the month before.

Existing-home sales are expected to trend up unevenly through the remaining months of 2011 and into 2012 for all of Indian River County, including Vero.  Certain restraints continue to inhibit the market, such as unnecessarily tight credit and a  steady level of low appraisals that result in contract cancellations.  Still, Americans remain confident in homeownership investment, according to a national survey conducted by the Pew Research Center in Washington:  81 percent of adults believe homeownership is the best long-term investment, and it is still the top long-term financial goal.  Despite the recent shakeup in home prices, there is little evidence that people are avoiding homeownership.  To the contrary, low mortgage interest rates and strong housing inventory have created lucrative incentives for today's home buyer.