Residential Real Estate News
Top Residential Real Estate News
U.S. Homebuilders Association Predicts a Continued Housing Downturn in 2023
The U.S. housing recession will bleed into 2023 as elevated inflation and mortgage rates, coupled with stubbornly high building material construction costs, continue to take a toll on the housing industry and are expected to push the overall economy into a mild recession this year.
Mortgage Applications Dive 9 Percent in Late January
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending January 27, 2023, U.S. mortgage applications decreased 9.0 percent from one week earlier.
U.S. New Home Sales Uptick in December
The National Association of Home Builders is reporting that while new U.S. home sales posted a modest gain in December 2022, elevated mortgage rates and higher construction costs continue to hinder housing affordability and put a damper on consumer demand.
Despite Slowing Housing Market in 2022, Miami Enjoyed Second Best Year in History
According to the Miami Association of Realtors, Miami-Dade County's real estate market sold 31,627 total homes (or 86 transactions per day) in 2022. That's the second all-time sales rate in Miami-Dade County history, behind only the 39,394 homes sold in 2021.
