The SW Florida 2022 housing market stalls out in many categories. Closed sales and pending sales are down. Let’s take a deeper look at home prices and inventory levels. 2022 Housing Market Stalls The average price of closed single family home sales in Lee County fell by 4.1% this year. The median price has […more]
Home prices have declined recently so we are telling our buyers to marry the house and date the rate. We don’t see major price declines going forward because we have a housing production deficit that has kept supply at bay. Interest Rate Forecast – August 2022 Back in 2005 we had an oversupply of homes. […more]
Average home prices fell 16.4% from May Peak. Last year home prices fell 10.5% in a similar period April through July. Essentially average home prices fell 5.9% more this year than last year around this time. Home Prices Fell 16.4% From May I read a lot of headlines that talk about how home sales […more]
Both condo and single-family housing inventory stalls briefly before reaching new highs this past week. We noticed. We noticed the last few weeks pending sales increased as interest rates were declining. Housing Inventory Stalls Briefly Before Reaching New Highs Since we last posted about rates going under 5%, they have since gone back up to […more]
Is it a coincidence that as mortgage rates dip below 5% this past week pending sales rose? While the Fed raised rates the long-term markets took a break and the yield curve inverted further. This was not unexpected, and it caused a temporary reprieve for home buyers, and a unique opportunity. Mortgage Rates Dip Below […more]
Inflation may help home buyers in the long run. Here is why. Currently home buyers can borrow right now at less than the cost of inflation. Typically, the Fed wishes to raise interest rates higher than the cost of inflation to help lower inflation. Right now, a borrower can get a 30-year loan in the […more]
Recent sales numbers suggest local home sale prices under pressure from rising interest rates. Nationally we are seeing price resistance due to rising rates, so we decided to study the local market to see what is happening here. From the graph we can see both median and average home sale prices topped out around April […more]
According to a report by Up For Growth, the US housing production deficit increased to 3.79 million units in 2019, up from 1.65 million units in 2012. This means that we as a nation are not building enough housing to keep up with demand. This is not good news for renters, or home buyers. Prices […more]
July housing inventory supply grew to 1.9 months supply, up from 1.18 months back in May. The $250,000-$299,000 almost doubled from .23 months to .41 months in July. July Housing Inventory Supply Grew Every single category grew in supply, so it is across the board. The market has slowed from a few months ago. Everything […more]
Unofficially we saw both median and average home sale prices decline in June from May’s sales numbers. We say unofficially because these stats are numbers we procured from MLS. It is possible there are a few more sales in Lee County from other Multiple Listing Services in the state. Largely we expect these numbers to […more]