A new report shows the market cooled in August, at least in terms of the number of prospective buyers looking at homes.
Last year’s en-masse move to remote work has driven what Zillow has dubbed the Great Reshuffling, as homeowners working from home have paused and reevaluated where and how they live.
“The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase,” Freddie Mac Chief Economist Sam Khater said.
Florida had the third-most foreclosure starts in the nation during August 2021, according to new data from ATTOM’s U.S. Foreclosure Market Report.
Housing inventory was down across South Florida counties during August. Existing-home sales were up in Broward and Palm Beach.
Even as the real estate market is showing signs of cooling and more sellers are dropping asking prices, median home prices increased by double digits from last year.
Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
You might be surprised by the results of this survey.
Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index.
As population booms with transplants to Florida, real estate prices are skyrocketing for rentals and sales.