Florida Market Report July 2022

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."

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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 8, 2022.

Florida June 2022 Market Report

Florida June 2022 Market Update

June 2022 Florida Real Estate Market Data Reports

Realtor.com National Housing Forecast

June 2022 Florida Real Estate Market Forecast.

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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" 

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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.

Florida Home Insurance

"TALLAHASSEE, Fla. (AP) — Florida Gov. Ron DeSantis on Thursday signed into a law sweeping property insurance legislation that creates a $2 billion reinsurance fund and rewrites rules on coverage denials and attorney fees, in a move to stabilize rising costs and insurer losses."
DeSantis, a Republican, announced the bill signings in a statement that called the package “the most significant reforms to Florida’s homeowners insurance market in a generation.”

The new laws would create the $2 billion Reinsurance to Assist Policyholders program for insurers to purchase insurance to help insulate themselves from risk. Insurers would have to reduce policyholders' rates to access the state reinsurance fund. It also offers grants of up to $10,000 to outfit homes so they are less vulnerable to hurricane damage, if the homes meet certain criteria.

The legislation forbids insurers from automatically denying coverage because of a roof’s age if the roof is less than 15 years old. Homeowners with roofs 15 years or older would be allowed to get an inspection before insurers deny them coverage."

Read the entire article

As a Florida homeowner and landlord I have watched as our insurance rate has risen from hundreds to thousands of dollars a year. In recent years insurance companies started denying coverage to properties with roofs over ten years old, regardless of the roof's condition. This legislation is a welcome relief.

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This page will be expanded upon. Please check back to read more updates about Florida Homeowners Insurance, Florida, USA. Posted May 27, 2022.

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15 Reasons to live in Florida

"Should I move to Florida? Is Florida a good place to live? Have you been asking yourself these sorts of questions lately? If so, you’re not alone. Every day, the Sunshine State attracts hundreds of newcomers to its sandy shores – and it’s not hard to see why. No state income tax, sunny weather, its diverse population, delectable food and exciting attractions make it a particularly interesting place to live."

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This page will be expanded upon. Please check back to read more updates about Clearwater, Florida real estate. Florida, USA. Last updated May 23, 2022.