Back in 2018, Freddie Mac stated that the country still needed about 2.5 million extra homes in order to meet demand. Then the pandemic homebuying boom depleted already-low inventory levels and high mortgage rates in the second half of 2022 chained many homeowners to their existing low rates.

Low inventory and high demand are buoying builder sentiment in the face of several headwinds. 

The drop in the pace of new-home construction follows a significant surge the month before, according to government statistics. 

For the first time in nearly a year, the average home sold above list price, fueling bidding wars in some markets.

According to projections from Redfin, there were 900 fewer listings available in Cape Coral-Fort Myers after Hurricane Ian than there would have been if the storm had not hit.

As more owners continue to hang onto their houses, home values locally and across the nation have reached a new peak, but it comes at a cost.

Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said. 

Miami ranked as the hottest market overall: With occupancy at 97.1% and over 70% of renters renewing their leases, the metro has undoubtedly returned to its spot as the most competitive market in the country.

It takes the average Miamian 13 years to save up for a 10% down payment on a home, according to a recent Axios analysis.

Florida was No. 12 among all states, with an average of $278 per square foot.

Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

Motivations for homeownership are varied across generations: Gen Z and Boomers made the decision for better living conditions, while Gen X and Millennials were in search of stability they couldn’t get while renting.

“Paint is a relatively affordable and easy change, yet it has an outsized impact on a buyer’s perception of the home,” said Amanda Pendleton, home trends expert at Zillow.