1000 Homes And Apartments Planned For Apopka, FL

1,000 homes and apartments planned for Apopka, FL

Plans filed for a big mixed-use residential project in Apopka A massive development is in the works in Apopka that would add nearly 1,000 homes and apartments to the fast-growing suburb. The "Kelly Park Property Major Development Plan" went before the city’s development review committee June 1 and will go before the board once more after a few outstanding comments are resolved. The plan includes 670 single-family homes and 300 multifamily units, meaning the project eventually would bring 970 housing units online. The property is bordered by Ondich Road to its north, with Kelly Park Road located south of it. On the south side of the road are a robust town center and mixed-use development on a 237-acre property. 

Economic Pessimism Growing

Economic Pessimism Growing in U.S. Economic Confidence Index drops to -45 from -39. It is the lowest reading in Gallup's trend during the coronavirus pandemic, and likely the lowest confidence has been since the tail end of the Great Recession in early 2009. Gallup's Economic Confidence Index is a summary measure of Americans' perceptions of current economic conditions and their outlook for the economy. It has a theoretical range of +100 (if all respondents say the economy is excellent or good and that it is getting better) to -100 (if all say it is poor and getting worse). Americans Less Positive About Current Conditions. Currently, 14% of U.S. adults rate economic conditions as either "excellent" or "good," while 46% say they are "poor," with another 39% rating them as "only fair."  Inflation essentially ties the government as the top overall problem, with 19% naming the government.

The Housing Market Just Hit A Turning Point

The Housing Market Just Hit A Turning Point

The Housing Market Just Hit a Turning Point That Could Change the Homebuying Game Mark your calendars: The month of May might go down as a turning point in the red-hot real estate market that’s been scalding homebuyers for the past few years. The number of new listings that hit the market last month rose for the first time since June 2019, according to a new report from Realtor.com®. Buyers can expect more inventory going forward, more homes to choose from." "For context, even though we’re seeing inventory grow, it remains quite low," says Hale. " How high are home prices now? In May, the median asking price of a home soared to yet another new apex of $447,000. As a result, some homebuyers have given up their house hunt until home prices and/or interest rates fall back within realistic reach—whenever that may be.

Pending Home Sales Descend 3.9% In April

Pending Home Sales Descend 3.9% in April.  Pending home sales slipped in April, as contract activity decreased for the sixth consecutive month, the National Association of Realtors® reported. The Pending Home Sales Index (PHSI) , a forward-looking indicator of home sales based on contract signings, slid 3.9% to 99.3 in April. Year-over-year, transactions fell 9.1%. "The escalating mortgage rates have bumped up the cost of purchasing a home by more than 25% from a year ago, while steeper home prices are adding another 15% to that figure." In some cases, these higher rates increase mortgage payments by as much as $500 per month. "Home sales in 2022 are expected to be down about 9%, and if mortgage rates climb to 6%, then the sales activity could fall by 15%.

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.

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.

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.

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.

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).

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..."