Judge Rejects COVID-19 Property Rights Case
In Walton County, commissioners shut down beaches during the pandemic, including private ones. Homeowners sued claiming they deserve compensation, but a judge said no.
NAR: Existing-Home Sales Surge 7.0% Higher in September
While the inventory of for-sale homes is down 13% year-to-year, NAR Economist Yun credits a boost in supply for the increase, and buyers’ fears of rising interest rates.
Fla. Builders Investing Heavily in New Single-Family Construction
How many new homes are being built? A study looked at building permits and year-to-year increases as of June. Out of all U.S. cities, 10 Fla. metros are in the top 20.
Mortgage Rates Climb Again This Week, Hit 3.09%
The average for a 30-year, fixed-rate mortgage moved notably higher this week. Freddie Mac economist blames “the trajectory of both the economy and the pandemic.”
Industry Leaders Go to U.S. Capitol, Advocate for Housing Money
NAR and others held a meeting and pushed for Congress to keep housing dollars in the massive infrastructure project, saying it “must stay in the reconciliation package.”
Fla.’s Housing Market: Median Prices, All-Cash Sales Up in Sept.
Florida Realtors’ data: Median prices up 18.3% for single-family homes to $355,000 year-to-year; up 17.2% to $255,000 for condos. Single-family home sales down 1.3% year-over-year; condo sales up 4.9%. However, Sept. 2020 saw a huge sales surge because the pandemic shifted transactions into summer and fall, says Chief Economist O’Connor.
Millennials Worry Less About Using Their Home Equity
14% of millennials would use home equity for a vacation compared to 3% of boomers. But 64% of boomers would tap it for home improvements, compared to 49% of millennials.
Desktop Appraisals Will Outlast the Pandemic
FHFA announced this week that remote appraisals for conventional loans – a temporary pandemic-era change – will become a permanent option starting in 2022.
NAR Names Clearwater Realtor as Good Neighbor Award Winner
The contest to recognize Realtors who serve their communities selects 5 Realtors each year. In 2021, Christina Sauger was honored for her work feeding those in need.
Lumber Prices Dropped 65% – But Don’t Expect Cheaper Homes
Rising lumber costs pushed new-home prices higher and higher. While that supply-chain problem is easing, however, other building materials are still in short supply, even as builders face a labor shortage and high buyer demand. The bottom line: New-home costs won’t plateau anytime soon.