Fla. Home Median Prices Rise, Supply Tight in Feb.
Florida Realtors: Fla.’s single-family median price up 21.1% to about $381.5K. Condo median price up 24.3% to $290K. Sales down due to tight supply, rising rates.
NAR: Feb. Existing-Home Sales Drop 7.2%
Year-to-year, sales declined 2.4%. NAR’s chief economist calls it a “double whammy” for buyers who face rising mortgage rates and sustained price increases.
Tale of Two Buyers: First-Time Vs. Repeat
Florida Realtors economist: The new “Profile of Home Buyers and Sellers: Florida Report” finds that all buyers face challenges – but the bar is extremely high for the state’s first-timers.
75% of Online Searches Aren’t in English
Missed opportunities? Miami Realtors and most Realogy brands hired a vendor to help make their websites accessible in Spanish and up to 20 other languages.
New Biz Model: Airbnb-Style Office-Space Rental
Seeing increased demand for off-site, flexible office space, a partnership hopes to find success offering short-term rentals nationwide using an Airbnb-type system.
Feb. New-Housing Starts Surpass Expectations
A disappointing dip in Jan. new-home starts was followed by a surprise surge in Feb. Economists expected about 3.2% growth but starts rose by 6.8%.
U.S. Senate OKs Permanent Daylight Saving Time
The Senate unanimously approved the time change, but now the House and President must also agree – and a few think year-round standard time would be better.
Buyer A to Buyer B: ‘Here’s $50K to Walk Away’
Buyer competition can get heated. In a legally dicey move, a Dallas-area buyer offered a second buyer with a home under contract $50K to cancel the transaction.
Mortgage Rates Climb Higher than 4%
The 30-year, fixed-rate mortgage averaged 4.16% this week, a height not seen since May 2019. Last week it averaged 3.85%; a year ago, it was 3.09%.
NAR/VA Videos Hope to Boost Veteran Housing
The first video explains the advantages of a VA loan. The second covers misconceptions and offers solutions to challenges noted by Realtors, buyers and sellers.