October 15, 2023
Although cooling, the economy remains overheated. The CPI increased 0.4% month over month, 3.7% year over year in September. Core inflation, which excludes volatile food and energy prices, rose 4.1% in September, well above the Fed’s 2% target. The cost of shelter was the single largest contributor to [...]
Published September 14, 2023
On September 11th, The Wall Street Journal reported national home prices were 13% lower than last year. I’m sorry, but there is no national market. All real estate is local.
In Sarasota County, prices were essentially the same, slightly above one year ago. In August, the average sold price per [...]
This is the best housing market for buyers since 2019. The current supply of homes is modestly higher than last year. This will keep prices flat to 6% higher over the next year. [...]
Lower rates create more demand.
The supply of homes is a function of demand and sellers willingness to sell.
When rates hit 6.5% more buyers move to the sidelines, and more sellers decide not to sell. After all, why would a seller give up a 3% mortgage to become a buyer at 6.5%?
Nevertheless, supply remains so low, [...]
June 18, 2023
I thought this month I’d answer some questions from readers of The Rob Report, and buyers and sellers whom I have the pleasure to serve. I hope it provides insight on the state of the housing market in Sarasota County. If you are considering selling your home, I hope it gives you some things to think about. [...]
Buyers who are sitting on the sidelines, thinking they will be able to pick up a house at bargain prices in 2023, will be disappointed. Although inventory has increased over 100% from a year ago, it remains 35% below pre-pandemic levels. Median sold prices have come down 12% from last year at this time, but they remain 40% [...]
Last week the average 30-year fixed rate mortgage rose to 6.39%. Higher mortgage rates have slowed home price growth. However, persistent buyer demand continues to fuel higher prices. [...]
If you are not putting your home up for sale because you think it’s not a good time to sell, according to the facts, you’re wrong. Short term memory. There’s a tendency to compare conditions today based on recent events. I think some historical perspective is in order. [...]
The unemployment rate, wages, interest rates and their effect on home prices.
In Sarasota County, the median sold price for existing single family homes was $451,000 in January, down 5.8% from December, 2.4% less than one-year ago. Accordingly, as I reported last month, sold prices have plateaued. [...]
Rising rates and economic uncertainty sow doubts on the housing market. But if you’ve been watching the headlines, you get the impression there is no buyer demand, that prices are coming down. That is not the case in Sarasota County. Remember, local markets behave differently. We continue to have tremendous demand, including heavy [...]
