Is upsizing from a condominium to a detached home attainable in South Florida?

This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

One of the best ways sellers can make their home stand out in today’s market is by upgrading their space with luxury renovations and amenities.

The National Association of REALTORS® Pending Home Sales Index rose for the third month in a row, suggesting the housing market’s contraction could be “coming to an end.” 

In Miami, home prices posted a 13.8% year-over-year gain in January — the largest in the country. Month over month, prices rose 0.1%. 

The supply of new homes for sale ticked lower from February, according to government figures.

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

Nationally, the week of April 16-22 is likely to provide sellers with the most favorable conditions for a successful sale of any week of the year, although the exact timing varies widely by market. 

The list ranks the total market value of residential real estate by state.

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

Increased mortgage rates have sidelined many would-be buyers, allowing inventory levels to increase. As a result, buyers can now “shop around” more than during the peak of the pandemic, putting the burden of concessions back on sellers.

Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.    

There are 58 less million-dollar cities in the U.S. than there were in July of last year, according to a new report from Zillow.

The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022. 

As rising mortgage rates cool the market, the share of U.S. homes worth at least $1 million has fallen from an all-time high last year.

In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report.