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Real Estate Market Updates

Multiple Offers Remain Prevalent This Spring

Survey: Buyer traffic continues to outpace supply. Realtors report about 5 offers were made on each home sold in March; 57% of buyers offered above list price. CHICAGO – Home sellers are still fetching multiple offers on their properties and buyers continue to face competition, even as the housing market has shown some signs of slowing. Realtors® reported an average of nearly five offers on each...

Is FOMO Fueling the Real Estate Market?

Housing markets continue to run hot, despite rising interest rates and home prices. Some researchers worry a fear of missing out may be fueling the current trend. FORT LAUDERDALE, Fla. – Rising interest rates and higher home prices would normally cool a hot housing market, yet the national and local real estate scenes continue to run red hot. Researchers at the Federal Reserve Bank of Dallas are...

Florida’s March Median Prices Up, Supply Tight

Florida Realtors: Fla.’s single-family median price up 21.3% to $396.5K. Condo median price up 27.3% to $308K. Rising rates, prices and tight supply impact sales. ORLANDO, Fla. – Florida’s housing market in March and 1Q 2022 showed the impact of rising mortgage rates, increased home prices and a shortfall of for-sale supply, with fewer closed sales compared to a year ago, according to Florida...

Rising Interest Rates Not Expected to Hurt South Florida

Strong demand from international buyers – many who find prices and interest rates cheaper here – should largely offset any drop in demand from domestic buyers. MIAMI – Many expected the interest rate hike to be a ray of hope for those looking to buy in Miami’s competitive real estate market. Under normal circumstances, rising interest rates should cool down the market, but housing demand remains...

Sellers’ Market Peak? More Drop Their Asking Price

In April, 12% of sellers dropped their price compared to 9% one year earlier. It’s too soon to call it a trend, but it suggests prices might soon hit their peak. NEW YORK – Moving into the spring buying season, the number of new listings is picking up – 8% higher year-to-year, according to realtor.com data. But even with the climb, housing shortages abound, and active inventory is down 13%...

FOMO! One Reason for Rising Prices

Worried buyers wonder how high mortgage rates will go, how fast, and whether inventory levels will ever rise – fears that help push housing prices ever higher. NEW YORK – America’s real estate market may be showing signs of a housing bubble as prices become “unhinged from fundamentals,” according to the authors of a blog post published by the Dallas Federal Reserve Bank. House prices can fall...

How pandemic ‘revenge travel’ is bringing a big boost to South Florida tourism

You aren’t imagining it: There really are way more people visiting and vacationing in South Florida than ever before, including before the pandemic. Spring Break and postcard-worthy weather helped lure tourists here this busy spring season, but it hasn’t only been college kids on break sprawling on the beach and filling downtown beachside hotels, restaurants and bars. South Florida also is seeing...

Mortgage Rates Rise to 4.42%

The average rate on a 30-year, fixed-rate loan rose a half point in just two weeks, likely due in part to the Fed’s decision to raise the key short-term interest rate. WASHINGTON (AP) – Average long-term U.S. mortgage rates jumped again last week as the 30-year loan rate climbed to its highest level since January of 2019. The increase comes after the Federal Reserve last week increased the key...

February 2022 Real Estate Market Update: Broward County

“The median sale price keeps inching higher and higher in Broward County. In February, we saw it climb 19.9 percent year-over-year to $519,000. There’s no doubt right now that the market is hot. It seems like everyone wants to invest and make Broward County their new home. The appeal of South Florida living shows, especially when we compare asking versus offer prices. The median percent of original...

Mortgage Rates Climb Higher than 4%

The 30-year, fixed-rate mortgage averaged 4.16% this week, a height not seen since May 2019. Last week it averaged 3.85%; a year ago, it was 3.09%. MCLEAN, Va. – Mortgage rates veered higher this week, with a 30-year, fixed-rate loan averaging 4.16%, notably higher than last week’s 3.85%. This week’s rate broke the psychologically important four-percent barrier and ended at almost a three-year...

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