South Florida condo sales declined sharply in Q3, influenced by high mortgage rates and tight inventory. Miami Beach condo sales ↓ 25% with inventory ↑ 40.6% to over 3,400 listings....
Q3 Market
Preliminary data reveals varying trends in Q3 office vacancy rates in different US markets. Sun Belt cities such as Tulsa, Tampa-St. Petersburg, and Austin experienced faster vacancy rate increases. Cities outside the Sun Belt like SF, Denver, and Boston also saw notable vacancy rate growth....
1. Record-high monthly mortgage payments: - Median monthly mortgage payment reached an all-time high of $2,632, ↑ 13.9% yearly. 2. Aggressive interest rate hikes: - The Fed's 11 rate hikes since March 2022 pushed mortgage rates to two-decade highs of 7.25%....