All over the world, countries, companies, and people are turning trash into treasure. What starts as old milk cartons, tires, or seaweed becomes bricks, tiles, and boxes used for things such as paving roads and building homes. In the following video we see Business Insider’s visit to places like Kenya, Nigeria, Mexico, and Thailand where they see if garbage is the building material of the future.
Orlando, FL – March 21, 2024 (PRNewswire) Florida’s housing market had more new listings, more inventory (active listings) and higher median prices in February compared to a year ago, according to Florida Realtors®’ latest housing data.
“Florida’s housing supply continued to improve in February, providing momentum for buyers wanting to enter the market now to hopefully find their Florida dream home during the spring homebuying season,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “Though mortgage rates currently are still fluctuating near 7%, housing economists are predicting rates will start to ease in the second quarter.”
Closed sales of single-family homes statewide last month totaled 19,040, up 2.2% from the February 2023, while existing condo-townhouse sales totaled 7,471, down 2.5% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
In February, the statewide median sales price for single-family existing homes was $415,000, up 5.1% from the previous year; for condo-townhouse units, it was $325,000, up 3.2% over February 2023. The median is the midpoint; half the homes sold for more, half for less.
Florida’s home prices and number of closed home sales for the first two months of 2024 look a lot like they did at this point a year ago in early 2023, said Florida Realtors Chief Economist Dr. Brad O’Connor.
“However, while the demand side of the equation is little changed from last year, on the supply side, we are seeing significantly more new listings than a year ago,” he noted. “So far this year, while you could still characterize new listings of single-family homes as being in their normal pre-pandemic range, they were at the high end of that range in February. In fact, there were more single-family homes listed for sale in Florida this February (a total of 32,557, up 28.3% year-over-year) than in any February dating back to 2008, when we started tracking new listings.
“While there were nearly this many new listings in both February of 2016 and 2018, this has been a remarkable turnaround compared to where we were last year at this time, when we had the lowest number of February new listings of single-family homes since 2013.”
Looking at condo-townhouse properties, new listings so far in 2024 are up (a total of 16,906, up 30.3% year-over-year) – and higher than the previous “normal range,” O’Connor said, pointing to recent increases in insurance rates and condo fees as a probable factor, along with local market dynamics.
He added, “Despite the rapid rise in inventory levels (active listings) that has resulted from the recent resurgence in new listings, inventory levels at the end of February in both property type categories were still well within the ballpark of the pre-pandemic norm that was established roughly from 2013 onward.
“It will take a lot more inventory to put a significant dent in home prices, but at current levels, inventory is now high enough that it should continue to slow home price growth and present buyers with a lot more options than they had two or three years ago.”
Statewide inventory (active listings) in February was higher than a year ago for both existing single-family homes, increasing by 36.5%, and for condo-townhouse units, up 73.3%. The supply of single-family existing homes was at a 3.9-months’ supply while existing condo-townhouse properties were at a 6.3-months’ supply last month.
To see the full statewide housing activity reports, go to the Florida Realtors Newsroom at https://www.floridarealtors.org/newsroom and look under Latest Releases or download the February 2024 data report PDFs under Market Data at https://www.floridarealtors.org/newsroom/market-data.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.
SOURCE Florida Realtors
Washington, D.C. – March 21, 2024 (nar.realtor) Existing-home sales climbed in February, according to the National Association of REALTORS®. Among the four major U.S. regions, sales jumped in the West, South and Midwest, and were unchanged in the Northeast. Year-over-year, sales declined in all regions.
Total existing-home sales1– completed transactions that include single-family homes, townhomes, condominiums and co-ops – bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).
“Additional housing supply is helping to satisfy market demand,” said NAR Chief Economist Lawrence Yun. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”
Total housing inventory2 registered at the end of February was 1.07 million units, up 5.9% from January and 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.
The median existing-home price3 for all housing types in February was $384,500, an increase of 5.7% from the prior year ($363,600). All four U.S. regions posted price increases.
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 38 days in February, up from 36 days in January and 34 days in February 2023.
First-time buyers were responsible for 26% of sales in February, down from 28% in January and 27% in February 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 20234 – found that the annual share of first-time buyers was 32%.
All-cash sales accounted for 33% of transactions in February, up from 32% in January and 28% one year ago.
Individual investors or second-home buyers, who make up many cash sales, purchased 21% of homes in February, up from 17% in January and 18% in February 2023.
Distressed sales5 – foreclosures and short sales – represented 3% of sales in February, virtually unchanged from last month and the previous year.
According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 6.74% as of March 14. That’s down from 6.88% the prior week but up from 6.60% one year ago.
Single-family home sales grew to a seasonally adjusted annual rate of 3.97 million in February, up 10.3% from 3.6 million in January but down 2.7% from the previous year. The median existing single-family home price was $388,700 in February, up 5.6% from February 2023.
At a seasonally adjusted annual rate of 410,000 units in February, existing condominium and co-op sales increased 2.5% from last month but declined 8.9% from one year ago (450,000 units). The median existing condo price was $344,000 in February, up 6.7% from the previous year ($322,400).
At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It’s the fourth consecutive month that home sales in the Northeast registered 480,000 units. The median price in the Northeast was $420,600, up 11.5% from one year ago.
In the Midwest, existing-home sales propelled 8.4% from one month ago to an annual rate of 1.03 million in February, down 3.7% from the previous year. The median price in the Midwest was $277,600, up 6.8% from February 2023.
Existing-home sales in the South leapt 9.8% from January to an annual rate of 2.02 million in February, down 2.9% from one year earlier. The median price in the South was $354,200, up 4.1% from last year.
In the West, existing-home sales skyrocketed 16.4% from a month ago to an annual rate of 850,000 in February, a decline of 1.2% from the prior year. The median price in the West was $593,000, up 9.1% from February 2023.
“Due to inventory constraints, the Northeast was the regional underperformer in February home sales but the best performer in home prices,” Yun added. “More supply is clearly needed to help stabilize home prices and get more Americans moving to their next residences.”
The National Association of REALTORS® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
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For local information, please contact the local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.NOTE: NAR’s Pending Home Sales Index for February is scheduled for release on March 28, and Existing-Home Sales for March will be released on April 18. Release times are 10 a.m. Eastern.
1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.
Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).
3 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.
The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.
4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.
5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS® Confidence Index.