According to CoreLogic's principal economist Archana Pradhan, demand for second homes in the U.S. surged after the onset of the COVID-19 pandemic, nearly doubling the pre-pandemic demand level in late 2020.
The Miami Association of Realtors recently reported that Palm Beach County Florida's total home sales in July 2022 decreased year-over-year when compared to last summer. July 2022 sales were down year-over-year, from 3,315 to 2,222.
According to global property consultant CBRE, there is a "flight to quality" playing out across 12 major U.S. markets as office-using companies adapt their workplaces for hybrid work.
South Florida Realtors are reporting this week that Palm Beach County condo sales dove while luxury single-family home sales increased year-over-year as more single-family home inventory arrived in May 2022.
Today's announcement by the Federal Reserve set a big increase in interest rates and means several more rounds of rate hikes are on the way in upcoming months.