NAR: June Existing-Home Sales Rose 1.4%
Year-to-year home prices rose 23.4%, the second-highest on record. However, a 3.3% inventory uptick may start to slow price increases and give homebuyers more hope.
Mortgage Rates Fall for Fourth Week, Hitting 2.78%
Pandemic numbers are rising again. That’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.
Fla. Home to 7 Out of 10 Top All-Cash Sales Metros
Nationally, cash buyers made up about 1/3 of all 2021 home sales so far, but that percentage rises to 52.6% in West Palm Beach – the top metro for cash sales in the U.S.
‘Short Commute Time’ No Longer Helps Home Values
The pandemic changed things: Home values for properties with long commute times are rising faster than units in or near metro areas.
Fla.’s Housing Market: Sales, Median Price, More Rise in June
Florida Realtors’ data: More closed sales, more new listings and higher median prices (up 24.5% for single-family homes, 22.4% for condos) than a year ago. Chief Economist O’Connor: The ratio of buyers to sellers may be easing; as a result, home price growth could begin to cool down in the future.
NEW: Escalation Addendum to Contract Released
On July 22, 2021, Florida Realtors released a new addendum for use with Florida Realtors contracts, the Escalation Addendum to Contract, available through Form Simplicity and other licensed vendors. FAQs and how-to-complete info is available on the association’s website.
Commercial Buildings: How Vulnerable to Cyberattacks?
Not only “smart buildings” face danger since most systems – HVAC, security access, etc. – now connect to the internet. In one case, a parking system sent a bomb threat.
Canada to Reopen Its Borders on Aug. 9
In a likely boost for Fla. tourism and real estate, the Canadian government will ease border rules in Aug. Fla. Policy and Budget official expects “a big jump in people.”
Task Force Considers Tougher Standards for Condo Inspections
In light of the building disaster in Surfside, a Fla. Bar-affiliated group is analyzing the possible need to change state standards regarding engineer inspections.
Palm Beach Post editorial: Fla. Housing Funds Not a Piggy Bank for Lawmakers
Another major Fla. newspaper backed the goal of Florida Realtors’ amendment petition drive to keep “Housing Funds for Housing.” Editors said it’s “nonsensical” to remove “hundreds of millions in designated housing money during an unprecedented affordable housing crisis.”