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Real Estate Market Updates

New Home Sales Surge 13.9% – Far More Than Thought

The increase in July follows strong numbers in May and June. But while experts predicted another increase, the level of that increase surpassed most expectations. SILVER SPRING, Md. (AP) – Sales of new homes jumped again in July, rising 13.9% as the housing market continues to gain traction following a spring downturn caused by pandemic-related lockdowns. The Commerce Department reported Tuesday...

July New-Home Construction Surges 22.6%

It’s the third month in a row for an increase and the big gains came from the construction of apartments and condominiums, which soared 56.7%. WASHINGTON (AP) – Construction of new U.S. homes surged 22.6% last month as homebuilders bounced back from a lull induced by the coronavirus pandemic. The Commerce Department reported Tuesday that new homes were started at an annual pace of nearly 1.5...

July 2020 Real Estate Market Update: Broward County

“Congratulations to Broward County for making a complete V-shaped recovery in July! This past month, we saw an increase in closed sales for the first time since COVID-19, closing out the month with 1,646 transactions. Meanwhile, historically low interest rates and inventory continue to push prices upward. In Broward County, median price has officially reached $400,000, the highest we’ve seen in recent...

Fannie Mae: U.S. Economy Poised for Substantial Rebound

The lending giant says the economy contracted 32.9% in 2Q – the largest since WW II. But it now expects strong housing data to lead a robust rebound by year’s end. WASHINGTON – The U.S. economy took a nosedive in the second quarter of 2020 as the pandemic settled in, but Fannie Mae economists expect an almost-as-robust rebound by the end of the year, with a strong housing market leading the...

Florida’s Single-Family For-Sale Inventory Hits Record Low in 2Q

There’s never been a better time to sell a home. Fla. had only a 2.8-months’ supply of single-family homes in the second quarter – the lowest amount since at least 2008. Economists generally consider a six-month supply to be balanced between buyers and sellers. ORLANDO, Fla. – Florida homeowners: There’s never been higher demand for your home. Economists generally consider a six-month supply...

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RE Recovery Index: 3 Fla. Cities Now Hotter Than Before Pandemic

The real estate market is better than before the pandemic, according to realtor.com’s weekly index, as a third Fla. metro area rose into positive territory. SANTA CLARA, Calif. – The U.S. real estate market is doing better than it did before the pandemic, with realtor.com’s Housing Market Recovery Index hitting 105.6 this week – a 1.9 increase over last week’s 103.8. An index of 100...

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Refinancing Your Mortgage Will Cost More Thanks to This New Fee [Triggered by Pandemic]

In the process of refinancing your mortgage or planning on doing it soon? You may end up paying more than expected - About $1,400 extra, on average, estimated by the Mortgage Bankers Association (a trade group who represents lenders). “As a result of risk management and loss forecasting precipitated by COVID-19 related economic and market uncertainty, we are introducing a new Market Condition Credit...

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Virus May Have Actually Boosted the Housing Market

In earlier times, a pandemic + recession would have slowed the market, but today’s unique circumstances seem to have sparked an even stronger demand for homeownership. SEATTLE – Three-quarters of homebuyers who plan to buy a home within the next 12 months say the coronavirus pandemic has impacted their homebuying plans – and one in four (25%) says it caused them to move faster or speed up their...

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The Numbers Are In! June 2020 Pending Home Sales

According to the National Association of REALTORS®, pending home sales data shows that June's pending home sales increased 16.6% last month and was 6.4% higher from 1 year ago. This is the second consecutive month of gains and the first year-over-year increase since COVID began to impact the housing market. Pending home sales are defined as signed contracts to purchase that have not yet closed. These...

Mortgage Rates Update [Aug 6]: New Month, New Record Low!

Average mortgage rates in the U.S. continue to fall - With the 30 year loan average hitting another record low, for the 8th time this year. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan dropped to 2.88% from 2.99% last week. It was the lowest level since Freddie started tracking rates in 1971. By contrast, the rate averaged 3.60% a year ago. The average...

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