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By Kerry Smith<\/div><\/div>\n

As the 30-year rate dropped from 6.9% to 6.36% and some home prices fell, Miami buyers averaged 8.3% savings in just two months and Jacksonville buyers 7.4%.<\/span><\/span><\/p>\n<\/div>\n

SEATTLE \u2013 Between October 2022 and December 2022, interest dropped and some housing prices declined. As a result, December homebuyers saw a savings in their monthly mortgage payments compared to October buyers.<\/span><\/span><\/p>\n

According to a report from Redfin<\/a>, the median monthly housing payment for San Francisco homebuyers dropped 14.8% (-$1,477) \u2013 the highest percentage decline of the 49 most populous U.S. metros \u2013 since hitting its pandemic-era peak in October. <\/span><\/span><\/p>\n

In the six Florida metros included in the report, monthly savings ranged from 8.3% in Miami to 5.5% in Orlando and Tampa.<\/span><\/span><\/p>\n

Florida monthly housing payment changes, Oct.-Dec. 2022<\/span><\/span><\/h3>\n
\n
Miami<\/strong>: Down 8.3%, a monthly savings of $1,477<\/span><\/span><\/li>\n
Jacksonville<\/strong>: Down 7.4%, a savings of $265<\/span><\/span><\/li>\n
Fort Lauderdale<\/strong>: Down 6.7%, a savings of $176<\/span><\/span><\/li>\n
West Palm Beach<\/strong>: Down 6.5%, a savings of $186<\/span><\/span><\/li>\n
Tampa<\/strong>: Down 5.5%, a savings of $139<\/span><\/span><\/li>\n
Orlando<\/strong>: Down 5.5%, a savings of $144<\/span><\/span><\/li>\n<\/ul>\n
In general, West Coast tech hubs saw the greatest savings, in part because many metros also had the highest average home prices going in.<\/span><\/span><\/p>\n
San Francisco saw the biggest drop from $9,973 to $8,496 \u2013 more than double the nationwide decline of 7% (to $2,500). The typical monthly housing payment fell over those two months in all the metros Redfin analyzed.<\/span><\/span><\/p>\n
After San Francisco, Pittsburgh\u2019s typical monthly payments fell 12.4% to $1,267, Seattle\u2019s dropped 12.1% to $4,509), Oakland\u2019s prices fell 11.6% to $5,443, Detroit\u2019s declined 11.3% to $1,050, and San Jose\u2019s dropped 10.6% to $8,116.<\/span><\/span><\/p>\n
While December buyers got a bargain price compared to October buyers, however, \u201cbargain\u201d is a relative term since mortgage rates hovered around the 3.5% range one year earlier. Still, the average 30-year fixed mortgage rate dropped from 6.9% in October to 6.36% in December, and the median U.S. home-sale price dropped from $400,000 to $388,000.<\/span><\/span><\/p>\n
Many homebuyers noted the change during those two months, and an uptick in homebuyer demand followed a nearly yearlong slump in the housing market. December pending home sales rose 3% month-to-month, making it the first monthly increase in 14 months.<\/span><\/span><\/p>\n
In more recent weeks, slowing inflation has sent mortgage rates down further, resulting in lower monthly housing payments and piquing the interest of some sidelined buyers.<\/span><\/span><\/p>\n
\u201cWe\u2019re in a sweet spot where prices and rates have dropped enough to make a meaningful difference in housing payments but there\u2019s still less competition than there has been for the last few years,\u201d says San Jose Redfin agent Angela Langone. \u201cBut competition has started to ramp up as more buyers are back in the market and new listings remain scarce.\u201d<\/span><\/span><\/p>\n
\u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
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\nAuthor: marlam<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kerry Smith As the 30-year rate dropped from 6.9% to 6.36% and some home prices fell, Miami buyers averaged 8.3% savings in just two months and Jacksonville buyers 7.4%. SEATTLE \u2013 Between October 2022 and December 2022, interest dropped and some housing prices declined. As a result, December homebuyers saw a savings in their monthly mortgage payments compared to October buyers. According to a report from Redfin, the median monthly housing payment for San Francisco homebuyers dropped 14.8% (-$1,477) \u2013 the highest percentage decline of the 49 most populous U.S. metros \u2013 since hitting its pandemic-era peak in October. In the six Florida metros included in the report, monthly savings ranged from 8.3% in Miami to 5.5% in Orlando and Tampa. Florida monthly housing payment changes, Oct.-Dec. 2022 Miami: Down 8.3%, a monthly savings of $1,477 Jacksonville: Down 7.4%, a savings of $265 Fort Lauderdale: Down 6.7%, a savings of $176 West Palm Beach: Down 6.5%, a savings of $186 Tampa: Down 5.5%, a savings of $139 Orlando: Down 5.5%, a savings of $144 In general, West Coast tech hubs saw the greatest savings, in part because many metros also had the highest average home prices going in. San Francisco saw the biggest drop from $9,973 to $8,496 \u2013 more than double the nationwide decline of 7% (to $2,500). The typical monthly housing payment fell over those two months in all the metros Redfin analyzed. After San Francisco, Pittsburgh\u2019s typical monthly payments fell 12.4% to $1,267, Seattle\u2019s dropped 12.1% to $4,509), Oakland\u2019s prices fell 11.6% to $5,443, Detroit\u2019s declined 11.3% to $1,050, and San Jose\u2019s dropped 10.6% to $8,116. While December buyers got a bargain price compared to October buyers, however, \u201cbargain\u201d is a relative term since mortgage rates hovered around the 3.5% range one year earlier. Still, the average 30-year fixed mortgage rate dropped from 6.9% in October to 6.36% in December, and the median U.S. home-sale price dropped from $400,000 to $388,000. Many homebuyers noted the change during those two months, and an uptick in homebuyer demand followed a nearly yearlong slump in the housing market. December pending home sales rose 3% month-to-month, making it the first monthly increase in 14 months. In more recent weeks, slowing inflation has sent mortgage rates down further, resulting in lower monthly housing payments and piquing the interest of some sidelined buyers. \u201cWe\u2019re in a sweet spot where prices and rates have dropped enough to make a meaningful difference in housing payments but there\u2019s still less competition than there has been for the last few years,\u201d says San Jose Redfin agent Angela Langone. \u201cBut competition has started to ramp up as more buyers are back in the market and new listings remain scarce.\u201d \u00a9 2023 Florida Realtors\u00ae \u2715 ADVERTISEMENT Go to Source Author: marlam<\/p>\n","protected":false},"author":4,"featured_media":7582,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/7587"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=7587"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/7587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/7582"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=7587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=7587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=7587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}