 |
| June 2022 Market Report |
Real Estate Market Report July 2022
From Inman News
"THE NEWS: Sellers are taking a more cautious approach when setting their asking prices as a greater share of their higher-shooting peers get burned. The median asking price of newly listed homes tracked by Redfin dropped by 1.5 percent in the four-week period ending June 26, the Seattle-based real estate company said in a new report.
Half of home listings in that period asked for $405,547 or less, a modest decline from the previous four-week period, which was an all-time high for asking prices in the U.S.
BEHIND THE NEWS: Meanwhile, the number of pending home sales was 13 percent lower than it was at the same time last year. Other measures of buyer demand have been in decline as well as mortgage rate hikes and continued price increases drive the typical home purchase into less affordable territory,"
"THE NEWS: The home market increasingly became the province of higher-earning households in the last three months as much of the country became priced out of purchasing the typical U.S. home. The median home purchase in the second quarter of the year would have taken up 31.5 percent of the same period’s average annualized wage of $67,587,"
"Moody’s: Housing Correction Coming – but No Crash
The Fed’s interest rate hikes will cause the “pendulum to swing back down” some places, but no crash if vacancies stay low and underwriting standards remain high.
NEW YORK – Moody’s Analytics Chief Economist Mark Zandi predicts that the latest Federal Reserve interest rate hike will cause a housing correction across the United States – but there won’t be a housing crash.
He suggests that the Southeast and Mountain West are the most overvalued housing markets, and the pendulum will swing back down. Cities and states due for a correction include Phoenix and Tucson in Arizona, the Carolinas, Northeast Florida, and above all, Boise – “the most overvalued market in the country,” according to Moody’s analysis."
National Association of Realtors Chart For Tampa Bay Area of Florida.
 |
| U Haul Trucks Are Flocking To Florida Like Flamingos |
And Ed Cook reports
"Did you know that Florida has been a favorite state to move to for most Americans? Covid 19 has even made the state more appealing to people due to its sunny atmosphere. This was even strengthened as work from home options have become a trend in most industries. On average, the state receives 777 domestic migrants daily. The numbers even increased to a thousand with 950 people moving in permanently to the state coming from New Jersey, Connecticut, New York and Massachusetts among others."
If you have found this article helpful, have questions, suggestions, advice or insights please "comment" below.
