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| Florida June 2022 Market Update |
June 2022 Florida Real Estate Market Data Reports
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June 28, 2022
From Inman News (a Real Estate news service)
"THE NEWS: Pending home sales inched slightly higher in May, ending six straight months of declines, according to new data. Pending sales crept up 0.7 percent to 99.9 during May, but were down 13.6 percent from their May 2021 levels, according to data released Monday by the National Association of Realtors.
The slight increase should not take away from the clear evidence that the housing market is undergoing a transition spurred by high prices and high mortgage rates, NAR Chief Economist Lawrence Yun said.
BEHIND THE NEWS: Part of the slight increase in pending sales, which represent homes that are in contract, can be attributed to more sellers dropping their prices after their homes linger longer on listing services, some experts said. Regionally, results differed with sales rebounding in the Northeast and South while decreasing in the Midwest and West. Sales in the Northeast jumped 15.4 percent to 86.4 on the Pending Home Sales Index, while sales in the South increased 0.2 percent to 119.0 in May. Sales in the Northeast were still down 11.9 percent from a year ago however, while Southern sales were down 13.8 percent from 2021 levels. Read the full story here."
"Down payment is a less concern when compared to interest rates and prices
Down payment is another factor that affects the payment shares. In May, the median down payment was $45,000, making up 13.3% of the sales price. A larger down payment usually means smaller monthly payments, and thus, lower shares. Keeping the mortgage rate, home price, and income at the May level, down payments would have to fall to $34,123 (a down payment rate of 10.1%) to hit the 2018 peak, but even decreasing down payment to 0 doesn’t hit the 2008 peak. However, it is unlikely for the down payments to drop to such a low level in a short time, given continuously increasing sales prices shown in Figure 4 and an upswing trend in down payment rate for recent months presented"
Mashvisor "To get a better idea of the growing housing demand in the state, consider Miami, Tampa, and Orlando. According to Mashvisor, the three metro areas recorded average monthly rental prices of $3,477, $2,462, and $1,906, respectively, for a three-bedroom home. One of the said cities would probably be the best place to buy rental property in Florida if you’re considering going with a traditional long-term rental investment strategy."
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This page will be expanded upon. Please check back to read more updates about Florida real estate market reports. Florida, USA. Posted July 9, 2022.
