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This kind of stuff means nothing. These high-end mansions are not moving in sync with the rest of the market because these brain dead celebrity bimbos tend to overpay when they want something now-now-NOW!
The median price was skewed by a surge in sales of higher-end homes.
According to the NAR, despite the overall decline in sales, the high end was hot:
Sales of homes of over $1,000,000: +22.6% YoY
Sales of homes of $750,000 to $1,000,000: +12.9% YoY
Sales of homes of $500,000 to 750,000: +6.9%
Sales of homes $250,000 to 500,000: +1.0%
Everything below fell.
So the mix of homes that sold changed toward the higher end, with relatively fewer sales in the mid-range to lower-end homes.
The median price is the price in the middle. And this shift in mix of what sells toward the higher end pushes up the middle of the prices that sold, and thereby the median price. This is an infamous shortcoming of the median price. We discussed the mechanics, including a chart, of how median home prices are skewed by changes in the mix here.
https://www.cnbc.com/2024/06/25/the-typical-newly-built-house-in-the-us-is-shrinking.html
The typical new home in the U.S. is shrinking
Absolutely true in my area.
It's really not "246 days", that's when Focus Homes listed the model which is at multiple lots. Same School District and unlike Commiefornia you can send you kid to one of a dozen charter schools, there's a Classical Academy in the area. You're guaranteed the next seat if they're overcapacity and high demand charter schools get more money to hire more staff to host more students. Florida also allows flexibility for taking your kid to a school more convenient to work or equidistant to co-parenting.
There's an available model that is $256k including the plot.
Focus homes is offering an intro rate of 5-6.5% with a 20% downpayment
Is homeloaner offering that? Or will the buyer have to get an 8% from the bank?
Manhattan is now a ‘buyer’s market’ as real estate prices fall and inventory rises
The typical new home in the U.S. is shrinking
For everyone who says rents have to go up, and you can't save money renting, read that last part again.
Anything else will be a condo where I don't have to do shit after 60-65. Probably a 2/2 in a fun/warm area. Bounce back in the summer/hurricane season to IL.
Last October, Hernandez’s mortgage rate jumped by 2% to 5.125%, the maximum allowed in the first adjustment year
Sounds like year 2008, but at least in 2008 it was 2% ARM verses 5% Fixed — tough to say no to that 3 point difference. Getting a 2% verses 3% fixed in 2016 doesn't make much sense. Lock in 3% forever.
Most people don't need more than a 3/2.5. 2k sq. ft is about all people need in most situations, especially with a basement in our area. We're going 4/4.5, 2,400 sq. ft. Last home we're doing with kids. Anything else will be a condo where I don't have to do shit after 60-65. Probably a 2/2 in a fun/warm area. Bounce back in the summer/hurricane season to IL.
WookieMan says
Most people don't need more than a 3/2.5. 2k sq. ft is about all people need in most situations, especially with a basement in our area. We're going 4/4.5, 2,400 sq. ft. Last home we're doing with kids. Anything else will be a condo where I don't have to do shit after 60-65. Probably a 2/2 in a fun/warm area. Bounce back in the summer/hurricane season to IL.
True, but in places like Florida, etc, that don't have basements or attics, a 2000 sq ft house probably doesn't work since they have literally NO storage space.
DemocratsAreTotallyFucked says
I'm sorry I didn't invest more into Idaho. Its such a landlord friendly state. I miss the Sawtooths so much
Back to 2015 inventory levels in Orlando, Tampa.
I hate Orlando and Tampa, so I could see them not being popular. It's the FL ghetto in my opinion. Wife wants to try different parts of FL and I just don't dig it. Jacksonville is a shit hole as well.
I don't just mean Broward, but like St Lucie. I'm not paying $300k for a 20 year old 1400 sq ft that sits 45 minutes as the car drives in traffic from the beach. Same shit happened in Deltona, western Volusia County
Around here, there is a shortage of home listed because people do not want to sell their homes. One major reason is this example:
Current home, $1,000,000 mortgage at 2% has a monthly payment of $3,696.
Downsize home, $750,000 mortgage at 7% has a monthly payment of $4,990.
Moving to a smaller home at today's interest rates actually can increase the monthly nut and that is after costs like realtor commission and loan origination fees.
try the best place on Earth ... its the American Riviera ... the Florida panhandle...
AD says
try the best place on Earth ... its the American Riviera ... the Florida panhandle...
Too far to drive every weekend to Central FL. :(
The largest generation is coming online housing wise. The floor is high. Loans more secure. Less building. I wouldn't bet against housing even if it pisses people off. I'm about to drop $700k on a house in small town America. We can and will be able to afford it. I don't even care if rates come down. I simply don't care.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.