In South Florida, year-over-year market indicators show a decrease in interest rates from 7.29% to 6.84%. Pending home sales increased slightly from 73.9 to 75.8, while builder confidence rose from 34 to 46. Unemployment nationally rose from 3.8% to 4.1%. Locally, unemployment in Miami, Fort Lauderdale, and West Palm Beach jumped from 2.6% to 9%. Housing starts decreased in major areas, and existing-home sales also fell across several regions. Housing inventory increased, with days on market rising in all areas.
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