A new report from real estate brokerage Redfin indicates that, despite elevated mortgage rates, homebuyers continue to leave expensive metro areas like New York and Seattle for more affordable housing options in cities like Miami and Phoenix.
Analysts expected Case-Shiller Home Price growth to continue its modest deceleration in August (the latest available data in this heavily lagged and smoothed data set), but the result was a doozy: the 20-City Composite index tumbled 0.44% MoM, far below the 0.20% expected increase, and a sharp decline from the downward revised 0.19% increase in July; more importantly, this was the first sequential drop in home prices tracked by Case-Shiller since March 2012, or ten and a half years.
With home sales weakening across the nation (while mean home prices are surging relative to median, signaling higher-end homes dominating the sales) and homebuilder sentiment slumping, this morning’s Case-Shiller (newly minted S&P CoreLogic CS) home price index data unexpectedly accelerated even higher.
When looking at the Florida real estate market, many eyes drift to the southern part of the state. NAI Hallmark managing partners Keith Goldfaden and Christian Harden say there’s another “fast-growing, dynamic city that’s become a hotbed for real estate investment” due to a business-friendly environment, skilled employee base, strategic location for logistics, and—what can be a rarity these days—available land, and it’s in the north. It’s Jacksonville.
In our latest episode, we take you to lively Las Vegas, where we’re at the National Association of Broadcasters Show. Visiting this city brings back a lot of memories. You see, we witnessed firsthand the glut of real estate in Las Vegas pre-recession and the freefalling prices that followed when the market crashed in 2008. …
Easy money caused hot markets to go super-nova. And when the music stopped these formerly high flying markets came crashing down in unprecedented fashion. Now, there’s a BIG MESS to clean up – and that’s bad, right? It depends on who you are and how you look at it. Without re-hashing several of our past …