It’s a Great Time to Buy Cape Coral Land and Lots

Home prices rose more slowly in September, reflecting the end of the summer selling season and higher mortgage rates, based on data released by market researcher CoreLogic.

Home prices in September were up 0.9 percent from August and 12.4 percent year over year and lots for sale in Florida were moving, CoreLogic says.

In addition to normal seasonality especially in cities like Cape Coral, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown.

The report anticipates “moderate gains” in home prices over the rest of the year, helped by the continued tight supply of homes and land for sale in many markets and the recent downward trend in interest rates.

Interest rates spiked sharply in May but have trended down since Sept. 18, when the Federal Reserve said it would not yet reduce its monthly purchases of government mortgage-backed securities and Treasury bonds, which have kept long-term interest rates low.

Other home price watchers have also documented slowing home price appreciation.

Regardless, the market of Florida real estate for sale continues to move and homes and lots sold faster in the third quarter of 2013 than in the previous half of the year and in year over year comparisons.

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