Inflation concerns are influencing plans for homebuyers and sellers, according to a recent Redfin survey.

The Federal Reserve’s plan to raise rates and end its bond-buying program will accelerate demand for housing in the short-term, eventually putting downward pressure on median home prices, according to a press release from the MIAMI Association of REALTORS® (MIAMI). 

Housing affordability fell to its lowest level since 2008 in October as home prices rose 19.6%.

Nationally, housing prices were also on the rise, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. 

Florida ranked No. 2 in the country for most residents gained between July 2020 and July 2021, according to recent U.S. Census Bureau data.

“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” National Association of REALTORS® chief economist Lawrence Yun said.

“Fewer homes are selling because of a lack of supply, while demand remains strong.” — Redfin chief economist Daryl Fairweather

Since the initial stay-at-home orders were sparked by COVID-19, home improvement and remodeling projects have become increasingly popular. On average, homeowners spend $2,995 per project, according to a report. 

The median sales price of new homes hit a new high of $416,900.

Homebuyers’ interest in moving to a new metro area remains elevated above pre-pandemic levels as remote work becomes the new normal. In November, Miami was the most popular relocation destination of any major U.S. metro for the fourth straight month, according to a new report from Redfin.

The median existing-home sales price for all housing types rose again on an annual basis, marking 117 consecutive months of gains.

The seasonal housing cooldown may end early this year according to Zillow’s latest market report, which found the spring market thaw may be here before winter even begins.

“The market is roaring along, with only half the seasonal slowdown we typically see from October to November.” — RE/MAX LLC President Nick Bailey

While the pandemic-induced great migration may be slowing, the demand for ultra-luxury residences in Miami from New York-based high-net-worth individuals remains strong.

The pandemic and work-from-home orders have changed where, when and why people buy homes. As a result, housing prices hit the highest median of all time in 2021, as the number of homes for sale fell to an all-time low and the demand for second homes surged, according to a new Redfin report. 

“November’s housing starts report signals strength for the housing market.”  — First American deputy chief economist Odeta Kushi