Real Estate Market Updates

In the 2010s, mortgage rates averaged only 4.08% – but today’s rates are still a bargain compared to the 1970s (9.03%), the 1980s (12.7%) and the 2000s (6.29%). TAMPA, Fla. – Unless you plan on purchasing real estate with an all-cash offer, you’ll likely be taking out a mortgage loan. It’s never a bad idea to be aware of mortgage rates, which can be ever-changing due to various factors –...

“Broward County’s median sale price reached $586,000 in May! Along with the rise in median sale price, we also saw a 4.6% increase in active listings and 7.1% increase in months’ supply of inventory. This uptick in inventory can be attributed in large part to the federal interest rate hikes to combat inflation. Despite rising mortgage rates, this is still a bargain compared to interest rates from the...

FAU: At 32.8%, Fort Myers tops U.S. metros in year-to-year rent increases. S. Fla. (up 31.07%), Sarasota (30.88%) and Tampa (26.9%) also made the top five. BOCA RATON, Fla. – Rents for homes and apartments have soared nationwide over the past year, and Florida remains at the heart of a problem overwhelming U.S. consumers, according to an analysis of 107 rental markets by researchers at Florida...

Tax Foundation: Researchers found that the top lower-tax states didn’t have a “major tax,” which helped Fla. move high in rankings since it lacks a personal income tax. WASHINGTON – The Tax Foundation issued a new report, “State Business Tax Climate Index.” The 83-page report’s goal is to do a state-by-state comparison of all taxes paid in order to compare the amount businesses may be...

Fla. rents are up because demand is up, and new residents boost demand. In 2020, 167 people moved in for every 100 who left. In 2021, the inbound number was 210. MIAMI – In Florida’s top metros, rents have risen by 24% to 32% in a year. Usually, rents swing by about 1% or 2% per year. New Yorkers and Californians are flocking to the Sunshine State, with Florida reporting the largest year-to-year...

South Florida sales of single-family homes priced $1M and up have basically remained stagnant since 3Q 2021 – but still higher than pre-pandemic levels. FORT LAUDERDALE, Fla. – After a soaring real estate market throughout most of the pandemic that saw record highs, luxury sales for single-family homes have leveled off for three straight quarters. According to data from the Keyes/Illustrated...

For buyers, higher interest rates mean less home for the money. But the market may benefit if those rates create a better balance between the number of buyers and sellers. WASHINGTON – Connor Fox thinks higher interest rates might be just what the housing market needs. “We need that market stabilization,” said Fox, president of the Rock-Green Realtors Association in southern Wisconsin and a...

Wary buyers and rising interest rates may affect some U.S. markets, but Fla.’s rising demand and lack of construction will probably offset a potential cooldown. WEST PALM BEACH, Fla. – Six of the nation’s top 25 most overvalued housing markets are in the Sunshine State, which can expect to see a “prolonged period of unaffordability” even as prices in other regions of the country...

“Broward County’s median sale price hit $560,000 in April! It seems like every month, our median sale price continues to climb. Meanwhile, inventory levels remain low, which is fueling competition in Broward County. Prospective homebuyers from all around the world are hiring REALTORS® and diving headfirst into a South Florida housing investment. Properties are coming off the market almost as soon as...

In metros where demand outstrips supply, renter competition has created bidding wars. A few landlords, in turn, ask competitors for their “highest and best offer.” CHICAGO – Bidding wars have grown common in home sales, but now they’re part of the apartment rental process as well. As demand outstrips supply, renters try to outbid others to get the property they want. “Properties are...