Federal reserve meeting this week resulted in keeping interest rates steady with potential further rate increases in future depending on data incoming related to inflation.
The latest Consumer Price Index (CPI) report for May showed that the annual inflation rate had cooled to 4 percent, still well above the Federal Reserve’s stated long term target of 2 percent.
The federal reserve has indicated very clearly that rates will remain at their current levels until they reach their goal of lowering inflation. The decision left the Fed’s key borrowing rate in a target range of 5%-5.25%. Consequently, Federal reserve remains in hawkish stance to reduce monetary supply in economy in order to curb inflation.
Although rates are relatively high, real estate market in Central Florida continues to draw a high demand and inventory of homes available remains historically low. Economy in Florida remains really strong which is the main driver of Buyer purchasing power.
The median home price for May was recorded at $378,000, up from $370,000 in April. This is a $28,000 increase since January. Median home prices have increased every month this year.
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