Current Market Data
The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity.
Miami’s housing market favored buyers in August, according to new data from Zillow.
The value of the U.S. housing market value hit $55.1 Trillion in June, Zillow found, and nine metros hold nearly one-third of the nation’s housing wealth.
The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024.
The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted.
By the end of the year, the city will have added a total of 15,666 units.
Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29.
At the same time, existing-home sales fell, housing starts were mixed, and days on market jumped.
Despite a slowdown in single-family construction activity, newly built homes are becoming increasingly accessible to American buyers, in terms of both availability and affordability. According to data from the New-Construction Insights report released by Realtor.com, in the second quarter
Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.
The pace of home-price appreciation declined to its slowest pace in two years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index.
MIAMI REALTORS® attributed the declines to higher mortgage rates and a lack of inventory in key price points
The upside surprise came despite monthly and yearly declines in the pace of sales.
Nationally, home sales rose 0.6% year over year but slid 0.7% month over month, RE/MAX said.
The association said the housing market is making a definitive swing back in the direction of the buyer thanks to wage growth, slowing home-price gains and rising inventory.
The single-family sector managed to eke out a slight monthly gain, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.