Single-Family Starts, Permits Decline in March
Rising rates and supply chain issues impacted single-family starts (-1.7%) and permits (-4.8%). But multifamily starts rose 4.6% and permits were up 10%.
NAR: March Existing Home Sales Slip 2.7%
Year-to-year, total U.S. home sales fell 4.5%. NAR’s chief economist says sharply rising mortgage rates and higher inflation is beginning to impact the market.
Fla.’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.
Homeowner Groups Try to Block Investor Buying
Arguing investors are keeping families from being able to buy, some HOAs are trying to cap the number of homes that can be rented out, among other steps.
Not All Baby Boomers Are Downsizing
Some want to age in place, keeping close to family and community. There are also concerns about being able to find and afford another place once they sell.
Home Builder Sentiment Drops for Fourth Month
NAHB/Wells Fargo Housing Market Index: Builder confidence in the new single-family home market fell 2 points to 77 in April; a year ago, it was at 83.
Redfin: Home Sales Fell 4% in March
Rising prices and mortgage rates sidelined buyers, even though homes sold at their fastest pace and for more above list price than any other March on record.
Equity Motivates More Sellers
HomeLight survey: A rapid rise in equity is encouraging sellers to list their homes and they expect to make a profit; 87% say they expect more than 1 offer.
Gov. DeSantis Calling Insurance Special Session
Dates have yet to be set for the special session, which will have as its “main focus the reform of the property insurance market,” the governor said.
Inflation Top Concern Among Real Estate Investors
Survey: 65% worry about inflation, 63% rising interest rates and 58% access to capital concerns. Still, investors continue moving forward on projects.