Nick, & Cindy Davis

Buyers Most significant Hurdle in June?

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Today’s buyers have 27.4% fewer homes to select from than they did 12 months ago, though in Fla. it varies from 31.4% near Tampa to 9.4% in South Florida. Buyer requirements have risen as a result of record-low mortgage rates and frustration after spending time quarantined in less-than-ideal housing. Due to this fact, sellers who enter the market find continually rising prices and, more often than not, competitive bids for their property.

 

Buyers Most significant Hurdle in June?

Buyers Most significant Hurdle in June?

 

But more sellers could possibly be avoiding a potentially strong summer housing market, as outlined by realtor.com’s June Monthly Housing Trends report. Economists discovered that housing inventory – the number of homes actively on the market – continues to decline.

Nationally, housing inventory was down 27.4% year-to-year in June, which translates into 363,000 fewer homes for buyers to purchase.

Some Florida metro areas have an increased drop in inventory, however, many have less. In a year-to-year comparison, four metros showed a year-to-year decline ranging from 31.4% to 9.4%:

Tampa-St. Petersburg-Clearwater: Inventory down 31.4%
Jacksonville: Down 21.8%
Orlando-Kissimmee-Sanford: Down 14.4%
Miami-Fort Lauderdale-West Palm Beach: Down 9.4%

Newly listed properties – ones that came onto the market over the past month – may suggest future improvements, and in Florida, one metro area even saw a boost. Also, every Florida metro bested the national average with rates ranging from an 18.6% decline to a 2.5% increase:

Tampa-St. Petersburg-Clearwater: Inventory down 18.6%
Orlando-Kissimmee-Sanford: Down 17.5%
Jacksonville: Down 0.8%
Miami-Fort Lauderdale-West Palm Beach: An increase of 2.5%

Nationally, the total number of newly listed properties for buyers to select from was down 19.3% over last year – but that’s an improvement over the 44.1% and 29.4% year-over-year declines posted in April and May, respectively.

“Our June data reinforces that buyers are out in force and serious about finding a home,” says realtor.com Chief Economist Danielle Hale. But “inventory continues to decline, indicating that what is coming onto the market is selling.”

Hale says the entire real estate market has shown resilience, “but conditions vary market by market. In particular, the nation’s largest metros are seeing a better new listings trend and smaller surge in the time it takes for a home to sell, which often can signal they may lead the recovery.”

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.

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