Monthly Archives: February 2023
JAN. NEW-HOME SALES SURGE 17.1% IN THE SOUTH
Overall, Jan. new-home sales rose 7.2%, but the South’s 17.1% carried the three other areas that saw a decline. The Northeast saw the biggest drop at 19.4%. WASHINGTON – Sales of newly built, single-family homes in January increased 7.2% to a 670,000 seasonally adjusted annual rate from an upwardly revised reading in December, according to... Read More
NATIONAL ASSOCIATION OF REALTORS: JAN. SALES DOWN 0.7% AS PRICES RISE 1.3%
The U.S. has now seen home sales drop 12 months in a row, even as median sales prices continue to rise along with the number of for-sale homes on the market. Read More
FL’S JAN. HOUSING: MEDIAN PRICES, INVENTORY UP
ORLANDO, Fla. – Continuing trends from the final few months of last year, Florida’s housing market started 2023 with higher median prices and more inventory (active listings) in January compared to a year ago, according to Florida Realtors®’ latest housing data. Read More
NATIONAL ASSOCIATION OF REALTORS: ‘HOME SALES ARE BOTTOMING OUT’
Regional Snapshot Here’s how existing-home sales fared across the country in January: Northeast: Existing-home sales fell 3.8% from December, reaching an annual rate of 500,000 in January. Sales were down nearly 36% from a year earlier. Median price: $383,000, up 0.3% from January 2022 Midwest: Sales decreased 5% compared to the previous month, reaching an annual rate of 960,000 in January. Sales were down 33.3% from one year ago. Median price: $252,300, up 2.7% from January 2022 South: Sales rose 1.1% in January compared to December, reaching an annual rate of 1.82 million. Sales are down nearly 37% from the prior year. Median price: $332,500, an increase of 3.4% from one year ago West: Existing-home sales increased 2.9% in January, reaching an annual rate of 720,000, but still down 42.4% from the previous year. Median price: $525,200, down 4.6% from January 2022 Read More
WHY CANCELLED INS. POLICIES? IT’S NOT JUST STORMS
Storm risk is one reason insurance policies get cancelled – but not the only one. Late payments, pets, old roofs, ill-placed trees and other things can do it too. Read More
Airbnb NOTCHES FIRST PROFITABLE FULL YEAR AS DEMAND SURGES, RATES FALL
Fueled by a surge in demand and daily rates that grew 36 percent since 2019, Airbnb generated $8.4 billion in revenue last year — a 40 percent increase from 2021 — as investors clamored to rent out homes while the pandemic subsided with the emergence of a COVID vaccine. Overall, it was a banner year for a short-term rental platform that, in 2021, posted a loss of $352 million. Read More
BUYERS CONFUSED ABOUT FLOOD INSURANCE? HERE’S HELP
The Federal Emergency Management Agency (FEMA) has taken steps to educate Realtors® and the public about the National Flood Insurance Program (NFIP) and the updated way it charges for policies, called NFIP Risk Rating 2.0 Read More
THE AGING HOUSING STOCK
A little less than half of the owner-occupied homes was built before 1980, with around 35% built before 1970. New construction added nearly 8.3 million units to the national stock from 2010 to 2021, accounting for only 10% of owner-occupied housing stock in 2021. Owner-occupied homes constructed between 2000 and 2009 make up 15% of the housing stock. Read More
HOMEBUYERS ARE DEFYING EXPECTATIONS
Inventory of homes for sale continues to fall. Falling inventory in February is actually a pretty unusual phenomenon. Prior to the COVID-19 pandemic, it was normal for inventory to rise in February as the spring home sellers began listing their homes and buyers weren’t yet out in force. But in 2020 through 2022, buyers came out quickly after the new year and inventory didn’t hit bottom until much later in the spring. Read More
YES, YOU SHOULD BUY A HOUSE THIS YEAR
“2023 will be better for buyers,” said Magellan Realty LLC mortgage broker Alex Caras. “As the Federal Reserve keeps interest rates at the current levels, the buying market will start to open up more, reducing competition for existing homes.” Read More
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