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| January 2023 Market Update |
U.S. home price growth continued to relax on a year-over-year basis in September, posting an 11.4% increase. As in previous months, Southeastern states put up significantly higher price gains than the national growth rate, with Florida again leading the country for the eighth consecutive month. Although rising mortgage rates continue to dampen housing demand nationwide, out-migration from more expensive states on the West Coast and in the Northeast is likely fueling homebuyer enthusiasm for properties in relatively more affordable Southeastern states. CoreLogic expects annual U.S. home price growth to continue to slow over the next 12 months to 3.9% by September 2023."
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| Hurricane Idalia |
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| I sent this while watching The Texas Storm Chasers live. |
The breakneck pace of market changes has even the most seasoned Realtors experiencing whiplash. Just 12 months ago, homes were flying off the market as soon as they were listed and often with a very different set of terms (think waived appraisals and inspections and more all-cash offers) than typically seen. Some sellers were unlocking massive equity while buyers were getting into homes at historically low interest rates, boosting their purchasing power.
Smash cut to today where market conditions are starting to become vastly different. But how do you know if what you’re seeing in the field reflects a particular deal or if it points to a broader market trend? That’s where a peek into the data available exclusively to Florida Realtors members becomes invaluable."
Is now a good time to buy in Tampa, Florida?
