For most people, purchasing a home represents the largest financial transaction they will undertake, and it is often viewed as a pathway to increasing net worth. According to CoreLogic, U.S. homeowners with mortgages held over $17.6 trillion in net homeowner equity in the second quarter of 2024. This equity grew by $1.3 trillion during that quarter, reflecting an 8.0% increase from the previous year.
Mortgage interest rates have been trending higher over the past 30 days, leading to potentially increased costs for new borrowers of approximately $30 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages stands at 6.54%, up from 6.08% a month ago. However, forecasts for future interest rate changes remain mixed as the recent short-term interest rate reduction caused a spike in mortgage interest rates.
With the severe weather we have recently experienced, I have been a little slow to stay active on this page. Let’s hope Milton was the last major impact of the season.
For those of you who are going to be in the market to sell your homes this season, don’t forget the details as they matter. This infographic from Florida Realtors contains one that can often be overlooked.
We have certainly had some of our local areas hit with more flooding issues than at any other time in the last decade. Just so we are all aware, Florida has implemented a new law that is intended to provide additional transparency to future home buyers. See the infographic below from Florida Realtors for more.
August final statistics for Single-Family Homes in Manatee County showed a continuation of existing trends. New listings outpaced closed home sales, which continued to drive up inventory levels. The additional inventory on the market is moving the balance of power slowly towards buyers. At this point, there is still a pretty decent power balance between buyers and sellers, but if this trend continues, the market will shift squarely into a buyers’ market in Manatee. The infographic below from Florida Realtors contains more.
