Again what matters is the average size of a "home" not the price as the carrying cost of too large to way too large a house is what causes the panic not the pricing function #manhattan_transfer
I’m surprised the median home sales price isn’t higher because a larger percentage of those buying homes in this poor economy are those with money, thus more expensive homes.
The cost of living is at an all time high and wages haven’t keep up with home prices. History shows there will be a decline in home prices at some point.
Mortgage interest will stay flattish until November, unless, civil strife or world Miltary issues occur before November. If politics stay the same after November, interest rates will rise in January '25 to 9% plus and continue.
Inventory is close to 2019 levels so I don't think there is a shortage anymore. If the median household income can support the area's prices, why would prices come down even if inventory increases?
@@theRetainer If inventory reaches a level where there are more homes on the market vs buyers then prices will come down. I do believe there is pent up demand but lots are on the sidelines once again.
@@thesrqrealtor I agree with you. There is definitely pent up demand. The question is whether that pent up demand is waiting for lower rates or for lower prices. What are your thoughts?
Homeowners insurance issue and fear of natural disaster hitting again is main driver in those areas. Lots of inventory. There are plenty of other places in FL where prices are up though as well. That’s why a local market analysis is important.
