By Amy Connolly One economist said consumers appear to be adjusting their expectations for the housing market to better accommodate higher mortgage rates and home pricing. WASHINGTON – While a growing number of consumers think mortgage rates will increase in the coming year, their optimism about the home buying and selling market ticked up, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI). The HPSI decreased 0.9 points in March to 71.9, its first decline since November 2023, primarily due to increased pessimism about mortgage rates. Fannie Mae said 34% of consumers believe mortgage rates will go up over the
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By Elena Cox Typical homes in Florida are on the market 62 days. When homes sell faster, it can be a sign the market is less buyer friendly. MIAMI – The pace at which homes sell in the U.S. tends to ebb and flow over the calendar year, with homes selling fastest in the summer and slowest in the winter. But high home prices and mortgage interest rates are keeping many potential buyers on the sidelines. The median number of days a home spent on the market in February was 48, five days less than the year before. In Florida,
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A federal appeals court granted the U.S. Department of Justice authority to reopen an antitrust investigation against the National Association of Realtors.  WASHINGTON – The U.S. Circuit Court of Appeals in Washington, D.C., ruled Friday that the Department of Justice is not barred from re-opening its investigation into the National Association of Realtors. That probe had looked at how real estate agents have been compensated under a longtime system that many critics say has led to higher home costs and more incidents of illegal price-fixing. Judge Florence Pan wrote in the opinion, “As framed by the parties, the issue before
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By Christopher Rugaber Rate cuts usually happen when the economy weakens. The recent strong jobs report and low unemployment have some wondering if a rate cut will happen this year. WASHINGTON — Ever since the Federal Reserve signaled last fall that it was likely done raising interest rates, Wall Street traders, economists, car buyers, would-be homeowners — pretty much everyone — began obsessing over a single question: When will the Fed start cutting rates? But now, with the U.S. economy showing surprising vigor, a different question has arisen: Will the central bank really cut rates three times this year, as
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By Jim Turner Forecasters project 23 named storms this year. Sales tax holidays this year – June 1-14 and Aug. 24-Sept. 6 – eliminate taxes on some disaster-preparedness supplies. TALLAHASSEE, Fla. – Floridians received a second reminder Thursday to brace for a busy 2024 hurricane season, as Colorado State University researchers issued a forecast pointing to warm Atlantic Ocean water that fuels storms. Philip Klotzbach, a senior research scientist in the university’s Department of Atmospheric Science, said the forecast for a “very, very busy hurricane season” is based on expected La Niña conditions in the summer, resulting in hurricane-favorable wind
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By Melissa Dittman Tracey Find out the traits that consumers say they’re looking for in real estate professionals to help them navigate a transaction, like a guide and a coach. NEW YORK –The majority of home buyers and sellers rely on real estate agents—nearly 90% of them—but they’re looking for certain types of help, and what they need could differ depending on their age and experience in the market, finds a new study from the National Association of Realtors®. Home buyers, for example, don’t just want help with finding a home, but also with negotiating and with learning about the
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By Patrick Blennerhassett Real estate pros are using AI in an advisory role for customer contact, listings and social media. They say licensed agents will always be needed. LAS VEGAS – Bruce Hiatt is hoping the integration of artificial intelligence will help take his real estate company to the next level, and in turn, could require less physical agents in the process. Hiatt, a Las Vegas-based broker who is also the owner of Luxury Realty Group, is currently beta testing an AI conversational avatar that speaks with potential homebuyers and learns from those interactions. Hiatt said they are scheduled to
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By Alex Veiga The average interest rate on a 30-year mortgage was up slightly again this week, to 6.82% from 6.79%, reflecting a consistent fluctuation over the recent weeks. LOS ANGELES — The average long-term U.S. mortgage rate rose modestly this week, holding below 7% as it has for much of this year. The average rate on a 30-year mortgage rose to 6.82% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.28%. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they
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By Amy Connolly The Florida Office of Insurance Regulation’s (OIR) said the state’s insurance market is continuing to strengthen with more carriers. TALLAHASSEE, Fla. – Another property and casualty insurer was recently approved to enter Florida’s insurance market, bringing a total of eight new insurers following legislative reforms aimed at stabilizing the market, state insurance regulators said Wednesday. The Florida Office of Insurance Regulation (OIR) said Ovation Home Insurance Exchange, the most recent approval, joins Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company and Tailrow Insurance Companies. “Florida’s insurance
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A new report from NAR found a rise in first-time buyers across all generation. Leading the charge were younger millennials, age 25 to 33. WASHINGTON – Millennials have surged ahead to become the largest group of home buyers, marking a significant shift in the housing market’s demographic landscape, according to the latest report from the National Association of Realtors®. The 2024 Home Buyers and Sellers Generational Trends report, which examines the similarities and differences among recent home buyers and sellers across generations, found that the combined share of millennials, both younger (ages 25 to 33) and older (ages 34 to 43), now
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