By Marla Martin Florida Realtors chief economist: Expect Fla. housing to return to a more “traditional” market like in 2018-2019 “as supply and demand become more balanced.” ORLANDO, Fla. – What should consumers, Realtors® and policymakers expect when it comes to Florida real estate over the next year? After the unexpectedly strong years of 2020 and 2021 despite an ongoing pandemic, Florida’s housing sector in 2022 was affected by rapidly rising inflation and higher mortgage interest rates, Florida Realtors® Chief Economist Dr. Brad O’Connor told nearly 500 Realtors during the 2023 Florida Real Estate Trends summit last Thursday. “Now, we expect the
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Florida Realtors data: But for-sale inventory rose and median sales prices up year-over-year. Single-family homes up 15.7% to $402,500; condos up 21.6% to $306,500. ORLANDO, Fla. – As 2022 ended, Florida’s housing market looked similar to the more traditional market years prior to the pandemic in terms of total closed sales, though it fell short in the year-to-year compared to the unusually strong 2021 sales. The statewide inventory of for-sale existing homes and condo properties showed gains while statewide median sales prices continued to rise year-over-year, despite headwinds from inflation and higher interest rates, according to the latest housing data
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By Kerry Smith To fulfill the “promise of the 1968 Fair Housing act,” HUD’s rule requires the submission of “Equity Plans” every five years and “robust community engagement.” WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) will soon publish a Notice of Proposed Rulemaking in the Federal Register to “fulfill the promise of the 1968 Fair Housing Act.” HUD says in announcing the proposed rule that it “implements the Fair Housing Act’s affirmatively furthering fair housing mandate, which directs the government to promote fair housing choice, eliminate disparities in housing, and foster inclusive communities.” It “streamlines the
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By Marni Jameson Two vacation-home goals – “I want to give it my unique touch” and “I want to rent it out” – can be incompatible. Avoid stress by treating it like a business. NEW ORLEANS – I do not have a second home for the same reason I do not have a second husband. I can barely keep up with one. But I have a lot of friends who are more competent than I am, including my friend Avril Wood, who with her (only) husband, Bill Wood, owns a second home in a ski area, which they rent out
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It’s down from last week’s 6.33%. Freddie Mac’s chief economist says it provides a “much-needed boost” for the housing market, but inventory is a concern. WASHINGTON (AP) – The average long-term U.S. mortgage rate fell this week to its lowest level since September, a potential boost to the housing market which has been in decline for nearly a year. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.15% from 6.33% last week. A year ago the average rate was 3.56%. The average long-term rate reached a two-decade high of 7.08% in the
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By Kerry Smith Dec. single-family starts rose double digits to 11.3% as multifamily slid 19%. Based on permits issued, however, NAHB expects less dramatic numbers in the future. WASHINGTON – Single-family housing starts posted a double-digit percentage gain in December, but production is running well below a rate of 1 million units annually, indicating ongoing weakness in the housing market as high construction costs and elevated interest rates continue to present affordability challenges. Led by a decline in multifamily production, overall housing starts decreased 1.4% to a seasonally adjusted annual rate of 1.38 million units in December, according to a
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By Christopher Rugaber Good news 1: Wholesale prices rose 6.2% year-to-year in Dec., a drop from 7.3% in Nov. It’s the 6th straight drop and hopefully suggests some stability going forward. WASHINGTON (AP) – Wholesale prices in the United States rose 6.2% in December from a year earlier, a sixth straight slowdown and a hopeful sign that inflation pressures will continue to cool. The latest year-over-year figure was down from 7.3% in November and from a recent peak of 11.7% in March. On a monthly basis, the government said Wednesday that its producer price index, which measures costs before they
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By Kerry Smith Good news 2: While the builder confidence index remains in bearish territory, it rose 4 points to 35 in Jan., suggesting Dec. was “the low point … in this cycle.” WASHINGTON – Builder confidence in the market for newly built single-family homes in January rose four points to 35, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). A modest drop in interest rates helped end a string of 12-straight monthly declines. However, sentiment remains in bearish territory as builders grapple with higher construction costs, supply chain disruptions and affordability challenges. “It
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By Melissa Dittmann Tracey Good news 3: An average weekly mortgage rate of, say, 5.8% could draw lots of buyers back into the market, and NAR’s chief economist thinks that could happen. CHICAGO – Inflation has been dropping over the past six months, and consumers can expect mortgage rates to soon follow, says Lawrence Yun, chief economist for the National Association of Realtors® (NAR). The 30-year fixed-rate mortgage could even drop below 6%, he adds. Anything below 6% would be welcome news to homebuyers who were shell-shocked by the surge in rates above 7% last fall, which prompted a sudden
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By Amber Bonefont Some Fla. homeowners do double takes after their monthly mortgage payment goes up hundreds of dollars, but blame goes to the escrow and insurance portions. FORT LAUDERDALE, Fla. – Many homeowners across South Florida are having sticker shock when receiving notices of a shortage in escrow, after mortgage lenders notified them that their monthly payments would be going up. It was the case for Kenneth Rankel, 58, and his husband when they received a notice from their mortgage lender last week that they had a shortage in escrow as a result of rising insurance costs, and therefore
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