Today's Headlines - Realty Times
Posted On Monday, 29 April 2024 11:08
Posted On Monday, 29 April 2024 11:00
Posted On Monday, 29 April 2024 09:29 Written by

The number of homes for sale in Cape Coral, FL and North Port, FL surged roughly 50% from a year earlier in March—more than anywhere else in the country. And in McAllen, TX, supply jumped 25%.

On the west coast of Florida, housing supply is surging, sellers are cutting their asking prices and the time it takes to sell a home is soaring—all at a faster rate than anywhere else in the U.S. The story is similar in parts of Texas. That is according to a new report from Redfin (, the technology-powered real estate brokerage.

Here’s how these trends showed up in U.S. housing-market data for March, which covers 85 major metropolitan areas:

  • SUPPLY: Of the 10 metro areas that posted the largest year-over-year increases in supply, six are in Florida and two are in Texas. Cape Coral, FL saw the biggest jump in homes for sale (51%), followed by North Port-Sarasota, FL (48%), Fort Lauderdale, FL (30%), Tampa, FL (29%), McAllen, TX (25%), Orlando, FL (23%), Knoxville, TN (23%), Dallas (20%), West Palm Beach, FL (20%) and Cincinnati (17%).
  • PRICE DROPS: Of the 10 metro areas where sellers were most likely to cut their list prices, five are in Florida and two are in Texas. In North Port-Sarasota, 48% of listings had a price cut—the highest share in the country. Next came Tampa (44%), Indianapolis (43%), Cape Coral (41%), Denver (37%), Orlando (35%), Portland, OR (34%), Houston (33%), San Antonio (33%) and Jacksonville, FL (33%).
  • PRICES: Median sale prices fell from a year earlier in three metros, one of which is in Florida and one of which is in Texas: North Port-Sarasota (-4.6%), Oklahoma City (-1.5%) and San Antonio (-0.3%). Prices climbed least in Austin, TX (0%), El Paso, TX (0.5%), Memphis, TN (0.7%), Tampa (1.1%), Salt Lake City (1.1%), Omaha, NE (1.2%) and Charleston, SC (1.2%).
  • SPEED OF SALES: Of the 10 metros that saw the biggest upticks in median days on market, two are in Florida and two are in Texas: In Cape Coral, the typical home took 31 more days to sell than a year earlier—the largest jump in the nation. Next came North Port-Sarasota (20), McAllen (20), New Orleans (18), Tulsa, OK (13), Cincinnati (13), San Antonio (10), Greensboro, NC (8), Honolulu (7) and Knoxville (7).

Florida and Texas have been building more homes than anywhere else in the country, partly to accommodate the flood of newcomers that showed up during the pandemic homebuying boom. But the boom is over, in part because many people have been priced out. Now, homes are sitting on the market and price growth is stagnating.

“Out-of-town homebuyers no longer see Florida as a place to get amazing value. Now they’re moving to North Carolina or Tennessee to get a good deal. Many local blue-collar workers have been priced out of homeownership, too,” said Eric Auciello, a local Redfin sales manager. “Two years ago, the North Port metro was one of the most competitive housing markets in the country because it was affordable for remote workers and there was a shortage of homes for sale, but none of those things are true today. Sarasota, in particular, has been overvalued for decades, and the chickens have finally come to roost. The Tampa metro has been faring a bit better.”

Individual home sellers are having a tough time attracting buyers in part because builders are offering concessions that are hard for buyers to refuse. As a result, listings from regular sellers are sitting on the market. But homes are also sitting because many sellers are pricing their properties too high, and then being forced to cut later, Auciello said.

“The sharp ascent in Florida housing prices in recent years has driven a lot of homeowners to cash in on their equity, but some of them are having a hard time adjusting to the fact that it’s a buyer’s market,” Auciello said. “My advice to sellers is to price your home fairly; the comps from six months ago don’t exist now. And if you’re a buyer, know that the odds of getting an offer accepted below market value are pretty high.”

The insurance crisis in Florida is also throwing a wrench into home purchases and in some cases delaying deals. Nearly three-quarters of Florida homeowners say they or the area they live in has been affected by rising home insurance costs or changes in coverage, a recent Redfin survey found.

“One of our agents is representing a buyer who thought he’d be able to get insurance for $2,000 per year—the rate the existing homeowner has. But he found out at the eleventh hour that his insurance will be $4,000 because the house has had water damage. We’re seeing sellers offer a lot of concessions to hold deals together,” said Auciello, whose own home insurance is now $14,000 a year all in, up from around $8,000 two years ago. “We’re at an inflection point. A hefty insurance bill isn’t always a big deal for a luxury buyer, but it can be a really big issue for someone buying a waterfront home on a smaller budget.”

Connie Durnal, a Redfin Premier real estate agent in Dallas, said her market has also been sluggish.

“Last year was by far the slowest market I’ve seen in my 20 years as a real estate agent,” Durnal said. “Move-up buyers are almost nonexistent. Even though a lot of homeowners have built up a ton of equity, many don’t want to sell because their monthly payment would double or triple due to high mortgage rates.”

Nationwide, New Listings Slowed in March and Prices Rose From a Year Earlier

New listings dropped 6% month over month in March—the largest decline on a seasonally adjusted basis since January 2022. They rose 6% from a year earlier, but that marks a deceleration from the 14% annual gain in February.

New listings may have slowed because mortgage rates are staying higher longer than expected, which is exacerbating the lock-in effect. The average 30-year-fixed mortgage rate in March was 6.82%—the highest since December—and the Federal Reserve has warned that elevated inflation will probably delay the interest-rate cuts they had been planning this year.

Prices continued to rise, in part because there’s still a shortage of homes for sale. The median U.S. home sale price rose 5% year over year in March to $420,357, just 3% below the record high of $432,496 set in May 2022.

Home sales were roughly flat compared with a month earlier on a seasonally adjusted basis, and were down 3% from a year earlier.

March 2024 Highlights: United States


March 2024

Month-Over-Month Change

Year-Over-Year Change

Median sale price




Homes sold, seasonally adjusted




New listings, seasonally adjusted




All homes for sale, seasonally adjusted (active listings)




Months of supply




Median days on market




Share of for-sale homes with a price drop


1.1 ppts

2.8 ppts

Share of homes sold above final list price


3.8 ppts

1.6 ppts

Average sale-to-final-list-price ratio


0.5 ppts

0.4 ppts

Average 30-year fixed mortgage rate


0.04 ppts

0.28 ppts

To view the full report, including charts and additional metro-level data, please visit:

Posted On Sunday, 28 April 2024 06:32 Written by
Posted On Saturday, 27 April 2024 17:25 Written by
Posted On Friday, 26 April 2024 11:38
Posted On Friday, 26 April 2024 11:28
Posted On Friday, 26 April 2024 11:07
Posted On Friday, 26 April 2024 10:35
Posted On Friday, 26 April 2024 10:16

-- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.17 percent.

“Mortgage rates continued rising this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.”

News Facts

  • The 30-year FRM averaged 7.17 percent as of April 25, 2024, up from last week when it averaged 7.10 percent. A year ago at this time, the 30-year FRM averaged 6.43 percent.
  • The 15-year FRM averaged 6.44 percent, up from last week when it averaged 6.39 percent. A year ago at this time, the 15-year FRM averaged 5.71 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website

Posted On Friday, 26 April 2024 07:08 Written by
Posted On Thursday, 25 April 2024 14:18

Imagine starting a multimillion-dollar company only to have it crumble due to cybercrime. This isn’t a plot from a thriller movie—it’s a harsh reality many face. Cyber threats are increasingly sophisticated, leveraging the very tools meant to simplify our lives to exploit vulnerabilities. From phishing scams that mimic trusted contacts to ransomware attacks that can shut down entire supply chains, no one is immune.

The weaponization of artificial intelligence presents a particularly alarming trend. AI can accelerate the rate of attacks, automate malicious activities, and craft deceptive content that can fool even the most vigilant among us. This evolution demands that we not only stay updated with the latest in cybersecurity but also engage actively in educating everyone within our spheres of influence.

In our rapidly evolving digital age, the importance of robust cybersecurity measures cannot be overstated. Join me live on April 30th when I sit down with John Sileo, who will share his personal encounters with cybercrime. Our discussion will shed light on the stark reality of digital dangers, underscoring the profound impact that cyber attacks can have on our lives.

Cybersecurity is not just about fending off attacks; it’s about fostering a culture of awareness and preparedness. Training and continuous education can transform the way we tackle cybersecurity, moving from reactive measures to proactive strategies. 

For businesses, regular security training and an up-to-date understanding of AI’s role in cybersecurity are indispensable along with many other insights and steps we will share. For individuals, we will share simple tips that can significantly reduce risk.

Remember, cybersecurity is a continuous journey. It requires vigilance, education, and the right tools to defend against evolving threats. Join my Anticipatory Leader Membership this month to delve deeper into this discussions and equip yourself with the knowledge to protect your digital landscape. 

Together, let’s anticipate change and secure our future. For more insights and to join us for this month’s episode with John, consider joining my  membership community where experts converge to empower and educate on navigating today’s complex technological landscape.


Posted On Monday, 29 April 2024 00:00 Written by

One of the key components of coaching is to be sure that my clients are well scheduled and prepared for things they know are coming. Planning for summer is often overlooked but can make a huge difference in your business. You need to look and prepare for events that are going to take place so you can choose to be prepared for them and make them productive for you! Here are the seven things I think everyone in our industry should be prepared for:

1.  Mother’s Day in May
2.  Memorial Day in May
3.  End of your local school year
4.  Father’s Day in June
5.  4th of July
6.  Your personal and team’s summer schedule

Not all of these are going to be important to everyone in every location. Some have more significance to some people than others. Only you can determine the importance of any or all of these events, but you do need to be aware of all of them and plan accordingly.

While some of these are specific events, they also can create time stamps for specific actions to take place. For example, Mother’s Day can make us think about if we may become caregivers or if our clients may need to think about having mom or dad move in with them? Maybe downsizing mom to a smaller house or possibly using a reverse mortgage to help with financial pressures? There are all kinds of connections that can be made if you are aware of them and plan accordingly.

My big two are the end of school and preparing for vacations! The end of the school year and vacations are natural triggers for action and opportunity! Trading up or down can often need to take place while the kids are out of school! Vacations often take time away from those we work with, for, and those we serve! All can become a huge challenge if we aren’t prepared for it!

Today we have GDP numbers and initial and continuing jobless claims; and Friday we have PCE numbers, all can be market movers so be prepared! If you have questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Tuesday, 30 April 2024 00:00 Written by
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