Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 24, 2022

New Home Sales Plummet

New Home Sales Plummet

 

 

New Home Sales Plummet

 

New Home Sales Plummet: Big Wake Up Call or a Logical Shift? Just last month, New Home Sales were still at 763k, a level not seen between the housing crisis and the pandemic. Now in today's new numbers from the Census Bureau, New Home Sales have plummeted to the lows seen only a few times in the 3 years leading up to the pandemic. After April's sales slump, inventory levels are the highest in years. All that to say the housing market hasn't exactly turned on a dime to the extent suggested by today's New Home Sales data. Yes, sales are declining, but that's a logical consequence of the affordability issues created by an unprecedented simultaneous surge in prices and rates.

 

May 24, 2022

Where Are The New Starter Homes?

Where Are The New Starter Homes?

 

 

Where Are The New Starter Homes?

 

New Starter Homes? Not Enough Profit to Build The traditional lifetime moves from smaller to larger homes may be permanently disrupted due to limited amounts of land and rising construction costs. The USA is having a major affordable housing crisis, especially for first-time homebuyers looking to purchase a home ranging from 1,800 to 2,400-square-feet. Homes ranging in price from $100,000 to $250,000, the typical cost for an entry-level home, have seen nearly a 28% decrease in inventory from a year ago. "... clear evidence that higher mortgage rates and double-digit growth in home prices are discouraging a growing share of buyers from engaging in the purchase process." active buyers fell in the South from 58% to 48% during the past year.

 

May 23, 2022

A Few Areas May See Home Prices Declines

A Few Areas May See Home Prices Decline

 

 

A Few Areas May See Home Prices Decline

 

Moody’s: A Few Areas May See Price Declines Prediction: Local home prices could drop perhaps 5%-10% in a few U.S. areas with large home price increases that far surpassed their area’s household incomes. Up 34.4% over the past two years, including a 19.8% spike over the past year – along with inflation and mortgage rates, more economists are voicing concerns about a possible price decline The 19.8% gain is more than four times greater than the historic annual average posted since 1987, and well over the largest 12-month price jump posted in the years leading up to the 2008 financial crisis. Unless buyer demand drops precipitously and a rash of sellers decide it’s time to list their home, the end result would be price stabilization rather than a bubble that pops. In 2007, many of the country’s most overpriced housing markets were in California, New York, and Florida.

 

May 22, 2022

Weekly Housing Trends | Week Ending May 14, 2022

Weekly Housing Trends | Week Ending May 14,2022

 

 

Weekly Housing Trends | Week Ending May 14, 2022

 

Weekly Housing Trends View — Data Week Ending May 14, 2022 The real estate refresh has arrived, as active listings posted sizable gains for the first time in three years. Key Findings:. The median listing price grew by 15.9 percent over last year. New listings–a measure of sellers putting homes up for sale–were up 6% above one year ago. Active inventory moved convincingly into positive territory for the first time since 2019. While last week’s positive inventory improvement rounded to 0%, this week’s data built on that trend in a notable way, leading to the biggest year over year gain since March 2019. Homes spent 6 days less on the market than this time last year. Homebuyers who can act quickly have an edge in a still-competitive market, and this is especially true for those who may be hoping to stand out by offering something other than a larger down payment.

May 17, 2022

Orlando's Average Asking Home Price Hits $427k

Orlando's Average Asking Home Price Hits $427K

 

 

Orlando’s average asking home price hits $427K

 

Orlando's average asking home price hits $427K. Here’s what that gets you in each Central Florida county. Orlando home prices this spring hit a significant milestone when the median list price for a local house surpassed $400,000 in March. With home prices in the region at all-time highs, Orlando Business Journal analyzed data to see how much the typical asking price would get a homebuyer in four Central Florida counties. House hunters on average will get the most house for their money in Lake County. While Orange County leads the way when it comes to home sales, an increasing number of buyers are looking to outlying real estate markets. Of course, the Orlando housing market possesses a big advantage over the Northeast and West Coast when it comes to price. Orlando also offers more square footage for $400,000 than Miami (1,058) or Tampa (1,606), but it lags Jacksonville (2,454).

May 16, 2022

New 108-unit condo In Clermont Florida

New 108-unit Condo In Clermont, Florida

 

 

New 108-unit condo project to rise near popular suburban Orlando lakeside park More new condos are in the works near Clermont's popular Waterfront Park and boat ramp, as well as its historic downtown. Masthead LLC, an entity registered to an address in Winter Springs, is the owner and applicant requesting a conditional-use permit from the city to build 108 condos as the next phase of the existing 266-unit Clermont Yacht Club condo development. The project went before Clermont planning and zoning commission May 3 and the board was unable to reach a consensus on approval or denial. "There’s such a demand in the marketplace now for multifamily that, even though it may be a little different and out of the way of the traffic corridor, the downtown corridor in Clermont is shaping up — and the proximity to the waterfront does make something unique..."

May 15, 2022

Building Materials Prices Skyrocket!

Building Materials Prices Skyrocket!

 

 

Building Materials Prices Skyrocket!

 

Building Materials Prices Move Higher, Up 19% Year-over-Year | Eye On Housing According to the latest Producer Price Index (PPI) report released today by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 0.5% in April, following upwardly revised increases of 1.9% and 2.4% in March and February, respectively. Year-over-year, building materials prices are up 19.2% and have risen 35.6% since the start of the pandemic. As a result, the price index of services used in home building (including trade services, transportation and warehousing) has climbed 13.3% since the start of the year. Year-over-year, the index has increased 18.1% and is up 45.6% since the start of the pandemic.

May 14, 2022

Mortgage Purchase Volume Has Another Strong Week

Mortgage Purchase Volume Has Another Strong Week

 

 

Purchase Volume Has Another Strong Week Mortgage application volume continued its recovery last week driven by a second strong increase in purchasing activity. The seasonally adjusted Purchase Index increased 5 percent on both a seasonally adjusted and an unadjusted basis. "Despite a slow start to this year’s spring home buying season, prospective buyers are showing some resiliency to higher rates. The average contract interest rate for conforming 30-year fixed-rate mortgages increased to 5.53 percent from 5.36 percent, with points increasing to 0.73 from 0.63. The rate for 5/1 ARMS averaged 4.47 percent with 0.73 point compared to 4.25 percent with 0.75 point the prior week.

Posted in Mortgage News
May 10, 2022

Home Buyer Sentiment Drops To All Time Low!

Home Buyer Sentiment Drops To All Time Low!

 

 

Home Buyer Sentiment Drops To All Time Low!!!

 

Record Low in U.S. Say It Is a Good Time to Buy a House Thirty percent of U.S. adults say it is a good time to buy a house, down 23 percentage points from a year ago and the first time the figure has been below 50%. Until now, at least half of Americans had consistently said it was a good time to buy a house. All major subgroups of Americans are significantly less positive about the housing market now than they were a year ago, with the percentage saying it is a good time to buy a house dropping at least 17 points in each of these groups. Twenty-five percent of young adults, those aged 18 to 34, say it is a good time to buy a house, down from 42% a year ago. Among middle-aged adults, those 35 to 54, 28% believe the housing market is favorable compared with 52% last year. Older adults are somewhat more likely to say it is a good time to buy a house, with 35% holding this view -- though that is down from 61% in 2021

May 4, 2022

Fed raises interest rates by 0.50%, largest move since 2000

Fed Raises Interest Rates by 0.50%

Largest move since 2000

 

 

Fed raises interest rates by 0.50%, largest move since 2000

 

Fed raises interest rates by 0.50%, largest move since 2000 Fed raises rates by 50 basis points, will begin shrinking balance sheet June 1. The Federal Reserve on Wednesday raised short-term interest rates by 0.50%, as part of an effort to tamp down the inflationary pressures weighing on Americans. The central bank suggested that it will further raise borrowing costs throughout this year as it attempts to undo its pandemic-era, easy money policies. The Fed is now targeting interest rates in a range between 0.75% and 1.00%, with some Fed officials advocating for raising the target closer to 2.5% by the end of the year. Balance sheet update. The Fed also officially unveiled a strategy to shrink its asset holdings, after buying trillions of dollars in U.S. Treasuries and agency mortgage-backed securities to contain COVID’s impact on financial markets.

Posted in Mortgage News