Florida Real Estate Market | The Numbers That Drive Real Estate: Affordability

We continue our installments of the Keller Williams report: The Numbers That Drive Real Estate, looking at Affordability.

Affordability – % of Income: The percentage of a median family’s income required to make mortgage payments on a median-priced home.

Housing affordability condition remained extremely favorable for home buyers.

The median mortgage payment now consumes 15% of family income instead of 19% a year ago.

According to Lawrence Yun, NAR chief economist, “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates.”

Read more | Florida Real Estate | Panama City... (128 words, 1 image, estimated 31 secs reading time)

Florida Real Estate Market | The Numbers That Drive Real Estate: Mortgage Rates

In this installment of the Keller Williams report: The Numbers That Drive Real Estate, we look at Mortgage Rates…

Mortgage rates are settling back down after spiking in recent weeks following rising yields on long-term government debt, which are closely tied to mortgages rates, amid concerns over the government’s deficit spending and inflationary pressure.

Average rates for 30-year mortgages fell for the second straight week to the lowest level in six weeks on weak employment figures and declining home values in many markets.

Mortgage Rates
30-Year Fixed

Read more | Florida Real Estate | Panama City... (125 words, 1 image, estimated 30 secs reading time)

Florida Real Estate Market | The Numbers That Drive Real Estate: Inventory

In our next installment of the Keller Williams report: The Numbers That Drive Real Estate, we look at Inventory…

Housing inventory at the end of May fell 3.5% to 3.8 million, representing a 9.6-month supply at the current pace of sale, down from a 10.1-month supply in April.

While sales have steadily increased over the past four months and pending home sales indicated even stronger activity, some poor appraisals are stalling transactions as faulty valuations inhibit buyers from securing financing.

Inventory:
Number of homes available for sale

Read more | Florida Real Estate | Panama City... (126 words, 1 image, estimated 30 secs reading time)

Florida Real Estate | The Numbers That Drive Real Estate: Median Home Prices

In this installment of the KW July 2009 report, we’ll look at: The Numbers That Drive Real Estate: Median Home Prices…

Existing-home price was $173,000, up 3.8% from last month but still down 16.8% from the same time last year.

Distressed sales, which accounted for a smaller 33% of sales in May, continued to weigh down the median price, as these properties are generally sold at a larger discount relative to traditional sales.

However, the seasonal rise in number of repeat buyers who are generally spread across all price ranges helped to partially offset the downward pressures. Read more | Florida Real Estate | Panama City... (146 words, 1 image, estimated 35 secs reading time)

Florida real estate | The Numbers That Drive Real Estate: Home Sales

In our next installment of the Keller Williams report: The Numbers That Drive Real Estate, we look at home sales statistics…

Sales of existing homes trended upward for the fourth straight month, benefiting from favorable affordability conditions.

The $8,000 tax credit continued to draw in first-time buyers, who accounted for 29% of all transactions in May. Repeat buyers, who often sell their current house to first time buyers, are also coming back to the market in large numbers.

Home Sales – In Thousands

Check back for the next installment in this series: The Numbers That Drive Real Estate: Median Home Sales. Read more | Florida Real Estate | Panama City... (128 words, 1 image, estimated 31 secs reading time)

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