FIRST QUARTER, 2019
2019 began amidst a context of economic uncertainty, marked by the lingering government shutdown, interest rate fears, concerns over the U.S./China trade deal, Brexit, and evidence of slowing global growth. The Palm Beach real estate market reflected these conditions in the first two months of the year. More recent data suggests, however, that initially weak economic performances were merely “passing aberrations,” not to be interpreted as evidence for further decline. As stated in Northern Trust’s U.S. Economic and Interest Rate Outlook, “Signs of slower growth are not cause for panic. The economy remains sound, and the Fed has made it clear that it will take no action to impede the expansion.” Vice President Pence echoed these sentiments during a recent interview on CNBC, where he insisted there is no evidence of inflation and claimed the President believes this economy is “only starting to grow.” Just as early signs of economic weakness have more recently subsided on a macro level, so too has the Palm Beach real estate market reflected improvements towards the end of this first quarter. Its strong start to Q2, marked by an increase in market activity and the highest sale since August of 2018, instills optimism that the Palm Beach real estate market’s steady progress will continue.
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