By Kyle Baltuch The Florida Chamber Foundation said reports that the state’s housing market is in trouble because of decreased housing sales and active listings “lacks accuracy.” TALLAHASSEE, Fla. – Over the past month or so, a number of inflammatory headlines have sparked a conversation throughout Florida. Is Florida’s housing market in trouble? Here’s the problem with these headlines. They lack context, rely on seemingly short-sighted analysis, and ultimately jump to a conclusion that may not be correct. These articles paint a picture of a weakening housing market, relying primarily on a couple of distinct points: 1. The number of
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Sellers are beginning to put their homes on the market as the lock-in effect begins to loosen, according to some reports. Waiting for lower rates may not be worth it. NEW YORK – An infusion of new inventory into the market is welcome news for buyers on the hunt for their next home this spring. It’s also more evidence that the effects of “rate lock” on homeowners are starting to weaken, according to the latest monthly report from Zillow. “For more than a year, Zillow homeowner surveys have shown an elevated share of homeowners expecting to sell in the next
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By Patrick Blennerhassett The federal funds rate, inflation and the consumer prices index all play a role in the complicated equation of mortgage rates. WASHINGTON – Interest rates are the highest they’ve been since before the Great Recession, but Las Vegas-based mortgage adviser Matt Hennessy said it’s important for people to understand specifically why monthly mortgage payments are where they are right now. Hennessy said the federal funds rate, which currently sits at 5.25% to 5.50% and sets the rate at which banks lend money to each other, is not the actual marker for mortgage rates and the story is
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The MBA reported new home purchase mortgage applications were up 6.2% in March year over year. More first-time buyers appear to be getting into the market. WASHINGTON – Mortgage applications for new home purchases increased 6.2% in March compared to a year ago and 1% compared to a month ago, according to the Mortgage Bankers Association’s Builder Application Survey (BAS). The change does not include any adjustment for typical seasonal patterns. The monthly increase underscores the impact higher home prices and mortgage rates continue to have on buyers, Joel Kan, MBA’s vice president and deputy chief economist, said. “March is
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This Miami home, called CM1, uses interior and exterior features to encourage healthful living. By Rebecca San Juan The world’s first IWBI-certified home, located in Miami, prioritizes health with a sustainable design. It has no insulation in living spaces or drywall. MIAMI – A new sugar cube house sits in a slice of Miami called Silver Bluff, a sleepy residential neighborhood between Coral Gables and Coconut Grove. Rising above land on stilts and a roof adorned with solar panels, it stands out in a neighborhood filled with houses surrounded by chain-link fences and pitched rooftops with shingles the shade of
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By Katrina Elsken Releases from Lake Okeechobee, which typically happen when the lake is high, were paused through late March. The lake is crucial to flood control. OKEECHOBEE, Fla. – Lake Okeechobee is on track to start the wet season above 14 feet in June. What does that mean for the coming hurricane season? Despite the approach of one of the worst hurricane seasons ever predicted, the U.S. Army Corps of Engineers has stopped the large-scale releases from Lake Okeechobee, an effort designed to lower the big lake before the storm season hits. Colorado State University tropical meteorology Project predicts
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By Alex Veiga The average rate on a 30-year mortgage rose to 7.1%, the highest level since late November. The average rate for 15-year fixed-rate mortgages rose to 6.39%. LOS ANGELES — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a
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By Marla Martin Single-family median sales prices are up 3.9% over March 2023 and new listings increased 7.7%. The condo-townhouse median prices increased 3.1%. ORLANDO – Florida’s housing market in March and the first quarter (1Q) of 2024 reported more new listings, higher median sales prices and increased for-sale inventory (active listings) compared to a year ago, according to Florida Realtors®’ latest housing data. “Persistently high mortgage interest rates hovering well above 6% continue to challenge buyers in Florida, especially first-time buyers,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “While we are seeing an
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By Alex Veiga Home sales fell in March with rising mortgage rates, analysts said. The supply of homes on the market remains below the historical average. LOS ANGELES — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. Sales of previously occupied U.S. Homes fell 4.3% in March from the previous month to a seasonally adjusted annual rate of 4.19 million, the national association of realtors said Thursday. That’s the first monthly decline in sales since December and follows a nearly 10% monthly sales jump in February. Existing
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By Jennifer Torres The average Florida home value doubled in six years. Tampa and Miami tied for having the third-fastest price doubling among large U.S. cities. MIAMI – The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the U.S. went from around $200,000 to $400,000, according to a new study from Point2. However, in Florida, it took much less than a decade for home prices to achieve a twofold increase. Average home values across Florida have undergone a seismic transformation,
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