At the end of winter, the U.S. multifamily market showed steady performance despite economic uncertainty. The average advertised asking rent rose to $1,751, with a 1.2% year-over-year increase, while occupancy remained at 94.5%. Rent growth varied regionally, with New York leading at 5.6%. Challenges for rent growth in March include high supply and new economic policies. Multifamily supply is expected to...
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The FHFA has updated the National Mortgage Database (NMDB), revealing 50.8 million outstanding mortgages worth $11.7 trillion as of Q1 2024. 9% of these mortgages have interest rates below 3%, while 14.3% have rates of 6% or higher. Adjustable-rate mortgages constitute 3.5% of the total. The median monthly payment is $1,520, and the average credit score for active borrowers is 743. The NMDB also includes...
Single-family median sales prices increased by 3.9% compared to March 2023, with new listings up by 7.7%. Condo-townhouse median prices also rose by 3.1%. Despite more new listings and higher prices, mortgage rates above 6% are challenging buyers in Florida. Continue to full article...
Florida's 2024 housing market: - ↑ Median prices - ↑ Listings - ↑ Inventory Florida Early-Q1 saw: - Closed sales: ↑ 0.6% yearly - Prices: ↑ 3.8% yearly...
Only 2% of Miami homes sold at a loss from Early-Fall to Mid-Fall. Nationally, > 3% of U.S. homes experienced losses, with a ↑ 2.4% yearly. The median loss across the country was ~ $40K according to data....
