The shortage of housing in America is more “dire” than previously expected, and the NAR’s new report puts pressure on lawmakers to provide additional public funding and policy incentives to fix this massive underbuilding gap.

Existing-home sales declined nationwide for the fourth month in a row in May, as the median price for existing homes hit another record high, the National Association of Realtors said. 

May showed the momentum keeps building in the South Florida housing market with rising prices and shorter times from listing to contract.

Mortgage applications for new-home purchases fell 9% on a monthly basis and 5.9% on a year-over-year basis in May, the Mortgage Bankers Association reported, citing its Builder Application Survey.

A small single-family house stands in the middle of a huge construction project in Coral Gables. The $600 million commercial development is the largest in the city’s history.

Market competition has eased up recently, but seven in 10 buyers still face bidding wars, according to a new report from Redfin.

As the South Florida economy rebounds, the real estate market squeezes out local residents with out-of-town buyers and an ‘on fire’ luxury segment.

Only six of the country’s top-50 largest markets saw inventory fall from April and new inventory has trended up since mid-March.

The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, but month-over-month sales in Miami dipped even further, declining 14.7%, according to the RE/MAX May National Housing Report.

The Jills Zeder Group of Coldwell Banker Realty earned the No. 1 ranking on the 2021 REAL Trends, The Thousand list, for large teams in the US.

Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.

Florida is the 14th-best state to live in the country, according to WalletHub’s 2021 Best States to Live In list. 

Although pending home sales are up 29% from last year, they are starting to slow down, dropping 9.7% from their peak four weeks ago.

CoreLogic says the boost in equity will help stave off foreclosures, but the share of homes underwater in the metro Miami area was at 5.5% at the end of the first quarter of 2021, outpacing the national rate of 2.6%.

Real estate agents can pivot because of the market inventory shortage by bringing clients to rental properties. Cortland Deerfield Station has just been sold and according to the sales office, real estate agents can earn a commission by bringing potential renters to the property.

Experts at Builder Magazine recently came out with their Local Leaders list for 2020, which ranks the country’s 50 largest new-home markets based on closings by the end of the year.