Study: Drop in Bidding Wars, Notably in Tampa
A bit less than half of U.S. listings had a bidding war in June, but in Tampa it was an even lower 28.9% compared to 54.2% in May and 58.8% in June 2021.
Mortgage Rates Edge Up to 5.54%
Mortgage rates are almost twice as high as they were one year ago (2.78%), though the weekly increase was modest compared to last week’s 5.51%.
Fla.: A Top 10 State for ‘Stable’ Housing
Realtor.com’s high-level view of housing markets – foreclosures, underwater mortgages, rising prices, etc. – finds Fla. ranking third in overall stability.
Rising Mortgages Rates a Worldwide Issue
It’s not just the U.S. raising interest rates. Most world countries are also trying to ward off a recession, and home prices in a few areas have even started to decline.
HUD Proposes Manufactured Housing Updates
HUD views manufactured housing as one relief valve for the affordable housing crisis, and its proposed construction rules are the biggest change in 20 years.
Affordable Housing: NAHB Lists Top Problems
In testimony to Congress, builders backed a new tax incentive but said they also need lower lumber tariffs, fewer regulations and help with their labor shortage.
NAR: Existing-Home Sales Slid 5.4% in June
Sales fell for the 5th month in a row as prices rose 13.4%. NAR economist says homes priced right sell quickly, but ones priced too high now “deter prospective buyers.”
Fla.’s June, 2Q Home Sales: Listings and Prices Up
Florida Realtors: Fla.’s single-family median price up 19.7% to $420K. Condo median price up 26.4% to nearly $325K. Inventory rising as new listings increase.
Mortgage Rate Forecast: Volatility – but Going Up
What will happen to mortgage rates next week? No one knows. What will happen over the next year? Likely lots of ups and downs but, ultimately, higher average rates.
June’s Single-Family Housing Starts Drop 8.1%
Total housing starts fell 2.0% in June. Weakness in the single-family sector was partially lessened by a 10.3% rise in the multifamily sector.