Home affordability poses a significant challenge, with 60% of U.S. cities experiencing home price increases in the second quarter, as indicated by data from the National Association of REALTORS®. The median monthly mortgage payment for a typical existing single-family home stands at over $2,200, factoring in recent average mortgage rates.
Homebuilder confidence experienced its first decline this year in August, reflecting the challenges posed by a 7% mortgage rate and dwindling housing affordability. The recent report from the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) revealed a 6-point drop in builder confidence from July, resulting in a reading of 50.
Foreign buyers purchased 9.6% less (in total dollars) of real estate for the latest 12-month period tracked when compared to the previous year, according to a new report from the National Association of Realtors (NAR). That said, the average ($639,900) and median ($396,400) existing-home sales prices among international buyers were the highest ever recorded by NAR.
The infographic below contains tips from the Florida Realtors Association to realtors to help buyers make informed decisions. I thought it would be good to share with you as well.
New listings for single-family homes outpaced closed sales in June in Sarasota. That brought the inventory of homes for sale up to a much more reasonable level than it was in 2022. However, it continues to be challenging to transact at the lower price points in the market. Due to that, the median sales price continues to rise. While the market still favors seller’s, 2023 is shaping up to be a better time to be a buyer than what we saw in 2022. The infographic from Florida Realtors below contains more of the details.
