From Miami to Minnesota, all the latest Real Estate news!
Huge news to share this Friday February 21 in the housing market. Major declines were noted in all stock indexes on Thursday and Friday, but the bond market showed positive developments, particularly in mortgage rates. The 10-year benchmark bond yield decreased to around 4.46%, staying below 4.5%. This decline is expected to benefit 30-year fixed-rate mortgages.
Sales of previously owned homes fell by 4.9% in January compared to December, with inventory increasing to approximately 1.2 million homes. The median home price has risen to nearly $397,000, representing a nearly 5% increase from the previous year. This trend of rising prices alongside increasing inventory but fewer sales could offer hope for potential buyers if interest rates improve.
In Miami, a noteworthy development involves the launch of six spec mansions in Fisher Island, priced between $31 million and $55 million, created by French perfume mogul Jean Madar. The homes will be part of developer Heinrich von Hanau’s 12-lot Links Estates project, according to Bloomberg. Madar Group, led by Jean Madar and his brother Alain Madar, bought the sites for $40 million, the outlet reported. The mansions will span between 8,000 square feet and 15,000 square feet, and Madar is also considering combining lots to build a larger estate with a $100 million price tag.
In the rental market, rents are starting to decrease, with Austin seeing a 16% drop. Other notable declines include Tampa (down 8%), Naples (down 10%), and Orlando and Sarasota experiencing similar trends. In Miami, there are approximately 21,000 rentals available, with about 5,500 experiencing price reductions, which may indicate further declines in rental prices.
This update was presented by Ronnie G from Boost Television as part of the Caravan Mortgage Minute. Please follow and share the updates.
#mortgage #realestate #housing #miami #fisherisland #cnbc
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