Florida's Consumer Lost Some Confidence in May

Fla.’s consumers lost some confidence in May

GAINESVILLE, Fla. – May 30, 2017 – Consumer sentiment among Floridians dropped in May for the second month in a row, falling 2.4 points to 93.3 from a revised April reading of 95.7.

Among the five components that make up the index, one increased and four decreased.

"Most of the pessimism in May stems from perceptions about the current economic conditions," says Hector H. Sandoval, director of the Economic Analysis Program at UF's Bureau of Economic and Business Research.

Perceptions of one's personal financial situation now compared with a year ago showed the biggest drop, falling 5.9 points from 91 to 85.1. May's less-positive outlook was shared by all Floridians across age, gender and income groups.

Opinions as to whether now is a good time to buy a major household item such as an appliance declined two points, from 101.7 to 99.7. However, there were increases among those 60 and older and those with income under $50,000.

Expectations of personal finances a year from now dropped 5.2 points from 105.1 to 99.9.

Expectations for the U.S. economy were mixed: Short-term expectations – conditions over the next year – decreased one-tenth of a point, from 92.8 to 92.7; but expectations of U.S. economic conditions over the next five years increased nine-tenths of a point, from 88.1 to 89.

These three components represent expectations about what lies ahead economically speaking.

"Readings about future economic conditions have shown important signs of deterioration for the past two months," says Sandoval. "However, in contrast to April, this month's unfavorable expectations are accompanied by a significant decline in perceptions of present conditions. It seems unlikely that consumers are delaying the purchase of big household items, as they hold unfavorable future expectations as well."

According to the latest report from the U.S. Bureau of Economic Analysis, Florida's gross domestic product growth rate ranked fifth of all states in 2016, with an annual growth rate of 3 percent. The sector contributing the most to the Florida economy in 2016 was the professional, scientific and technical services sector, followed by the construction and information sectors.

Florida's unemployment rate declined again in April by three-tenths of a percentage point to 4.5 percent. Compared with April of last year, the number of jobs added statewide was 215,400, a 2.6 percent increase. The industries gaining the most jobs were professional and business services, followed by trade, transportation and utilities.

"Florida's economy keeps growing, and the labor market conditions continue to be favorable in general, with more jobs added every month for the past six years. However, consumer sentiment seems to be slowly decreasing after surging in March to its highest level in the last 15 years. If this pessimism persists in the following months, this might indicate a significant change in the trend of consumer sentiment," Sandoval says.

Conducted May 1-24, the UF study reflects the responses of 415 individuals who were reached on cellphones, representing a demographic cross section of Florida. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.

© 2017 Florida Realtors

Florida's Housing Market: Median Prices Up in April

Fla.’s housing market: Median prices up in April

ORLANDO, Fla. – May 24, 2017 – Rising median prices and constrained inventory remained a prevailing trend in Florida's housing market in April, according to the latest housing data released by Florida Realtors®. The trend resulted in a loss of momentum for home sales: Sales of single-family homes statewide totaled 23,829 last month, easing slightly (-1.2 percent) when compared to April 2016.

2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart."It puts consumers in a position where they have to be prepared and ready to buy, as many Realtors around the state report seeing more instances of multiple offers. And, without more for-sale homes, median prices will continue to rise due to demand.In April, sellers of existing single-family homes received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – an indication that the listed price is extremely close to market value.

"Working with a local Realtor enables consumers to have the advice of an expert in their local housing market – someone who can guide them through their home search and help them find the right home that fits their budget and their lifestyle."

The statewide median sales price for single-family existing homes last month was $234,900, up 10.3 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Thestatewide median price for townhouse-condo properties in April was $172,000, up 7.2 percent over the year-ago figure. April was the 65th month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors®(NAR), thenational median sales price for existing single-family homes in March 2017 was=""> national median existing condo price was $517,020; in Massachusetts, it was$350,000; in Maryland, it was $269,204; and in New York, it was ="">"Closed sales of single-family homes were down in 14 of Florida's 22 metro areas compared to last April, and fell by 1.2 percent statewide – but there is no indication that demand is falling off," said Florida Realtors®Chief Economist Dr. Brad O'Connor."Rather, all signs continue to point to a market being held back by a shortage of homes for sale. As of the end of April, the statewide inventory of single-family homes for sale was down by nearly 5 percent compared to where it was a year ago.

"Additionally, single-family homes that did sell in April were snapped up as quickly as in any month in recent years. According to Florida Realtors median-time-to-sale metric, half of the single-family homes selling in April of last year went from listing to close in 90 days or less, but this April, that figure fell to 85 days or less – a 5.6 percent decline."

He noted that the townhouse-condo market has been relatively more balanced than the single-family market from a statewide perspective for several months, but local markets experience more variance in townhouse-condo inventory levels.

April's inventory remained constricted with a 4-months' supply for single-family homes and a 6.1-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in April 2017, up significantly from the 3.61 percent average recorded during the same month a year earlier.

© 2017 Florida Realtors®

Florida Businesses to See Reduced Biz Rent Tax in 2018

Fla. businesses to see reduced biz rent tax in 2018

BOCA RATON, Fla. – May 25, 2017 – Gov. Rick Scott today signed HB 7109, which includes a reduction to Florida's business rent tax as well as other tax cut provisions.

2017 Florida Realtors®President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart, spoke in support of the legislation at the signing, which took place during a morning press conference at 3Cinteractive Corp., a mobile marketing service provider in Boca Raton.

"Florida Realtors applauds Governor Scott and members of the Legislature for making these tax cuts possible for Florida families," Wells said. "From a Realtor perspective, I am particularly excited about the first-ever cut to the business rent tax that is included in this bill. The business community has been working to advance this tax cut for several years.

"The most significant steps are often the first ones we take on an issue, and this cut opens the door for future reductions of this burdensome tax. More importantly, it puts $61 million back in the hands of businesses to grow and hire more people, and when businesses grow, communities prosper."

Currently, Florida charges a 6 percent sales tax on business rent, creating a financial burden for any business that leases space. It is the only state that charges this tax on business rent.

Once HB 7109 takes effect on Jan. 1, 2018, the new state tax rate on commercial leases will be 5.8 percent. Lowering the business rent tax will provide Florida businesses with more capital to expand, hire more employees, improve benefits and raise salaries.

Florida Realtors and other members of the Business Rent Tax Coalition have long advocated for a reduction in the state's business rent tax.

© 2017 Florida Realtors®

More Owners Remodeling to "Age in Place"

More owners remodeling to ‘age in place’

WASHINGTON – May 9, 2017 – Over the past five years, remodelers say they've seen an increase in the number of homeowners who undertake aging-in-place home modifications. They've also seen a greater awareness of these types of remodeling projects, according to a survey by NAHB Remodelers, an arm of the National Association of Home Builders (NAHB).

The survey also found that simple and less costly modifications are increasingly popular.

"Low-cost, simple modifications to help people be safer and more comfortable in their homes – such as installing grab bars and higher toilets – continue to be the most popular aging-in-place remodeling projects," said 2017 NAHB Remodelers Chair Dan Bawden.

According to the survey, 80 percent of remodeling companies are doing aging-in-place projects, up from 68 percent in 2013. Also, 17 percent of remodelers said that "most" of their customers were familiar with the aging-in-place concept, an increase from 11 percent in 2013.

Five top aging-in-place remodeling projects since 2013

• Added lighting/task lighting: up 12 percent
• Curb-less showers: up 9 percent
• Grab bars: up 7 percent
• Non-slip floors: up 7 percent
• Widening doorways: up 5 percent

More complex and costly projects saw minor decreases in popularity since 2013. Adding an entry-level bedroom dropped one point to 33 percent, and installing ramps or lowering thresholds decreased two points to 49 percent.

© 2017 Florida Realtors

Buyers/Seller Shake Off Last Month's Doldrums

Survey: Buyers/sellers shake off last month’s doldrums

WASHINGTON – May 9, 2017 – Fannie Mae's monthly survey on consumers' attitudes about the current real estate market increased 2.2 points in April after dipping in March.

The Fannie Mae Home Purchase Sentiment Index (HPSI) increased 2.2 percentage points in April to 86.7, and five of the six components that comprise the HPSI rose.

The net share of Americans who say it's a good time to buy a home increased 5 percentage points, though fewer think it's a good time to sell. That component decreased 5 percentage points.

"The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month," says Doug Duncan, senior vice president and chief economist at Fannie Mae. "This is aligned with our market forecast of about 3 percent sales growth in 2017. Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high."

Overall, Duncan says housing "continues on a gradual growth track."

HPSI highlights

• Fannie Mae's 2017 Home Purchase Sentiment Index (HPSI) increased in April by 2.2 percentage points to 86.7. The HPSI is up 3.0 percentage points compared with the same time last year.
• The net share of Americans who say it's a good time to buy a home rose 5 percentage points to 35 percent, reversing some of the decrease seen in March.
• The net percentage of those who say it's a good time to sell decreased by 5 percentage points to 26 percent, falling from last month's all-time survey high.
• The net share of Americans who say that home prices will go up increased by 1 percentage point in April to 45 percent.
• The net share of those who say mortgage rates will go down over the next twelve months rose 3 percentage points from last month's survey low to 57 percent.
• The net share of Americans who say they're not concerned about losing their job rose 7 percentage points to 77 percent, erasing most of last month's decline.
• The net share of Americans who say their household income is significantly higher than it was 12 months ago rose 2 percentage points to 13 percent in April.

The HPSI is constructed from answers to six questions that solicit consumers' evaluations of housing market conditions and address topics that are related to their home purchase decisions.

© 2017 Florida Realtors

Housing Index Hits Milestone but Permits Lagging

Housing index hits milestone but permits lagging

WASHINGTON – May 8, 2017 – The housing market is rarely described as "normal," but based on current price, permit and employment data, markets nationwide are running at an average of 100 percent normal economic and housing activity, according to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI).

However, NAHB says that individual components of the LMI are at different stages of recovery. While employment has reached 98 percent of normal activity and home price levels are well above normal at 150 percent, for example, single-family permits are running at just 53 percent of normal activity.

"Single-family permits have inched up slowly as builders continue to face supply-side headwinds, such as ongoing price hikes in building materials, a lack of buildable lots and labor shortages," says NAHB Chief Economist Robert Dietz. He says a proposal by the Department of Commerce to impose a 20 percent duty on Canadian lumber "would only exacerbate this problem."

"This is the first time the LMI has reached this key milestone, and it shows how much our industry has improved since the depth of the Great Recession," adds NAHB Chairman Granger MacDonald. "However, we are concerned that single-family permits continue to trail the other components of the LMI and remain at only halfway back to normal."

The LMI shows that markets in 183 of approximately 340 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the first quarter of 2017. This represents a year-over-year net gain of 67 markets.

"Nearly three-quarters of all metros saw their Leading Markets Index rise over the quarter, a sign that the overall housing market continues to make broad-based gains," says Kurt Pfotenhauer, vice chairman of First American Title Insurance Company, which co-sponsors the LMI report.

Baton Rouge, La., continues to top the list of major metros on the LMI, with a score of 1.76 – or 76 percent better than its historical normal market level. Other major metros leading the group include Austin, Texas; Honolulu; Provo, Utah; and San Jose, Calif. Rounding out the top 10 are Spokane, Wash.; Nashville, Tenn.; Los Angeles; Charleston, S.C.; and Salt Lake City.

Among smaller metros, Odessa, Texas, has an LMI score of 2.18, meaning that it is now at more than double its market strength prior to the recession. Also at the top of that list are Midland, Texas; Ithaca, N.Y.; Walla Walla, Wash.; and Florence, Ala.

The LMI examines metro areas to identify those that are now approaching and exceeding their previous normal levels of economic and housing activity. Approximately 340 metro areas are scored by taking their average permit, price and employment levels for the past 12 months and dividing each by their annual average over the last period of normal growth.

For permits and employment, both the 12-month average and the annual average during the last period of normal growth are also adjusted for the underlying population count. For single-family permits and home prices, 2000-2003 is used as the last normal period, and for employment, 2007 is the base comparison. The three components are then averaged to provide an overall score for each market; a national score is calculated based on national measures of the three metrics. An index value above one indicates that a market has advanced beyond its previous normal level of economic activity.

© 2017 Florida Realtors

Flagler County / Palm Coast Saltwater Canal Monthly Report - April 2017

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Flagler County Saltwater Canal Home Sales Report Summary - April 2017

   In April, a total of 15 homes on the Saltwater Canal sold in Flagler County.  The average sales price for this months Saltwater Canal Homes was $425,675 while the average days on market was 58 days in Flagler County.

     Compared to the same time last year, in April 2016, 14 homes on the Saltwater Canal sold in Flagler County with an average sales price of $507,071, taking on average 138 days on market to sell.

     The top home sale of the month was 39 Island Estates Parkway, in the Island Estates community of Hammock Dunes, selling at $820,000.

     The deal of the month was 7 Floyd Court in the Palm Harbor neighborhood of Palm Coast, selling at $271,625.

     Here's a breakdown of sold Saltwater Canal Homes in April.

 

Palm Coast / Palm Harbor Saltwater Canal Homes Sold April

 

27 Claridge Court South - $468,000

17 Coolidge Court - $490,000

15 Cherrytree Court - $425,000

6 Cedarwood Court - $430,000

30 Collingdale Court - $385,000

21 Creek Court - $378,500

2 Coolidge Court - $360,000

13 Colechester Lane - $335,000

57 Comanche Court - $330,000

4 Fleming Court - $295,000

7 Floyd Court - $271,625

Average Sales Price - $378,920

 

Flagler Beach Saltwater Canal Homes Sold April

604 Springdale Drive - $689,000

144 Lehigh Avenue - $398,000

119 Flagler Avenue - $310,000

 

Island Estates - Hammock Dunes Saltwater Canal Homes Sold April

39 Island Estates Parkway - $820,000

 

Flagler County Saltwater Canal Lot Sales Report Summary

     7 Saltwater Canal lots sold in Flagler County in April. The Average sales price for this months Saltwater Canal Sold Lots was $117,357 while the average days on market was 106 days.  Here's a break down of last months activity.

 

Palm Coast / Palm Harbor Saltwater Canal Lots Sold in April

3 Comet Court - $75,000

16 Creek Court - $116,000

6 Clement Court - $63,000

7 Carlos Court - $132,500

 

Yacht Harbor Village Saltwater Canal Lots Sold in April

320 Harbor Village Point - $145,000

312 Harbor Village Point - $140,000

332 Harbor Village Point - $150,000

Realty Exchange is the #1 Real Estate Company in Flagler County!  #1 in sales for 9 years and counting!

Call now!

386-793-1426

Thank you for checking out this Months Sales Report for the Saltwater Canal Homes in Flagler County.  All info is believed to be true and accurate, but not guaranteed.  The source for the information is from the Flagler County MLS.  This is not intended to be an estimate of any ones home value. 

To get a Free Home Valuation and find out your homes true value, contact

Robert "Bobby" Keith, Realtor 386-793-1426

Or Click Here and fill out the form

Robert "Bobby" Keith, Realtor

386-793-1426

Are you looking to purchase a Saltwater Canal Home in Flagler County?  Give me a call at 386-793-1426 or fill out the Buyer Form Here.

Are you looking to sell your Saltwater Canal Home in Flagler County?  Give me a call or fill out the Seller Form Here.

U.S. Home Sellers' Average Price Gain? $44K in 1Q

U.S. home sellers’ average price gain? $44K in 1Q

IRVINE, Calif. – April 27, 2017 – ATTOM Data Solutions' Q1 2017 U.S. Home Sales Report finds that homeowners who sold in the first quarter realized an average price gain of $44,000 since purchase – an average 24 percent return on the purchase price, and the highest average price gain for home sellers in terms of both dollars and percent returns since the third quarter of 2007.

The report also shows that homeowners who sold in the first quarter had owned an average of 7.97 years, down slightly from a record-high average homeownership tenure of 8.00 years in Q4 2016 but still up from 7.68 years in Q1 2016.

Before the great recession, homeownership averaged 4.26 years nationwide.

"The first quarter of 2017 was the most profitable time to be a home seller in nearly a decade, and yet homeowners are continuing to stay put in their homes longer before selling," says Daren Blomquist, senior vice president with ATTOM Data Solutions. "This counterintuitive combination is in part the result of the low inventory of move-up homes available for current homeowners, while also perpetuating the scarcity of starter homes available for first-time homebuyers.

"There are some early signs this inventory logjam may be loosening up in some markets, with the average homeownership tenure down from a year ago in nine of the 66 markets we analyzed, including Memphis, Dallas, Boston, Portland and Tampa," Blomquist says. "Sky-high potential price gains may be finally prompting more homeowners to sell."

© 2017 Florida Realtors  

Hoarders: Building Safety VS. Fair Housing

Hoarders: Building safety vs. fair housing

May 1, 2017 – How should a property manager deal with tenants who hoard possessions? It can be tricky.

Hoarding is a recognized disorder with Fair Housing Act protections in most cases, but safety fire and building codes still apply. Dealing with a hoarding resident often requires tact, patience and understanding.

First challenge: What is hoarding?

When most people think "hoarder," they picture a house or unit so filled with stuff that it's hard or impossible to walk through, but that's an extreme case. Still, the Mayo Clinic defines hoarding as a disorder if the tenant has "difficulty discarding or parting with possessions because of a perceived need to save them … experiences distress at the thought of getting rid of the items." Hoarders excessively accumulate items, regardless of actual value.

However, hoarding – like most mental disorders – describes a range of behaviors. The International OCD Foundation has a nine-level rating scale, and there's a fine line between, say, level 3 and level 4 – and no magic point where hoarding moves from "a concern" to "a problem that must be addressed."

Second challenge: Safety codes

Property managers must accommodate hoarding clients, but sometimes "accommodation" contradicts local safety codes, which can include building and fire codes. Many codes also have specific rules for conditions that rise to a level that "must be addressed." Codes also focus on the tenant as well as the landlord.

"Not only is (hoarding) a fire hazard, it can actually trap people on the inside," says Fire Marshall Thomas Goode in Virginia. Too much stuff makes "it hard for them to get out, as well as hard for us to get in."

Many experts who offer advice to hoarders' landlords start by reminding them that the tenant is a human being with special needs.

"Behind all the clutter in a house is a human being that never planned to hoard," says Mahalia Dryden-Mason with the Virginia Department of Professional and Occupational Regulation. "Hoarding is a disorder that lives on its own."

In addition to respecting a tenant and making reasonable accommodations, landlords dealing with hoarders should try working with the tenant to set reasonable goals for cleanup. Once agreed-up goals are created, they should follow up with a written plan.

In all cases, a "we're working together" attitude generally accomplishes more than an air of disgust followed by clean-up demands.

© 2017 Florida Realtors

Legislature Passes Estoppel Certificate Fee Reform

Legislature passes estoppel certificate fee reform

TALLAHASSEE, Fla. – April 28, 2017 – Florida Realtors scored a big legislative victory today following the passage of a bill that caps estoppel certificate fees, among other changes.

The passage of HB 483/SB 398, which will head to Gov. Scott for his signature, completes a multi-year effort by Florida Realtors to reign in the unreasonable fees that some association management companies have been charging for estoppel certificates.

"Congratulations to all of our members who have contributed their time and energy trying to fix this problem," says Carrie O'Rourke, vice president of public policy for Florida Realtors. "After several years of educating legislators and building support in both legislative chambers on the issue of estoppel certificate fees, we brought home a huge victory for home sellers." 

An estoppel certificate provides a snapshot of the fees or assessments that a seller may owe to their community association and is provided by the association or management company when a property is being sold. Prior to this legislation, Florida law allowed associations to charge a "reasonable" fee to prepare an estoppel certificate, but without any context on what the word reasonable means, some association management companies were charging very unreasonable fees. 

HB 483/SB 398 cap the fees that community association management companies can charge for estoppel certificates at $250 for unit owners who are current in their assessments. An additional $100 can be charged for "expedited" estoppel certificates (delivered within three business days), and another $150 can be charged for owners who are delinquent in their assessments. This is a maximum of $500 for an expedited, delinquent estoppel certificate.

Once signed into law, these statutory caps will go a long way to curb the extraordinary charges that property owners have been forced to pay across the state – like an estoppel letter that cost $1,610 on the sale of a property that was sold for $190,000.

HB 483/SB 398 also require certificates to be valid for 30 days and provide for a standard estoppel certificate form to ensure the same information is provided to owners across Florida.

HB 483 was sponsored by Rep. Byron Donalds (R-Naples). SB 398 was sponsored by Sen. Kathleen Passidomo (R-Naples).

Once the bill is signed into law, it will take effect July 1, 2017.

© 2017 Florida Realtors

Flagler County / Palm Coast Saltwater Canal Monthly Sales Report - March 2017

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Flagler County Saltwater Canal Home Sales Report Summary - March 2017

     In March, a total of 18 homes on the Saltwater Canal sold in Flagler County.  The average sales price for this months Saltwater Canal Homes was $427,925 while the average days on market was 193 days in Flagler County.

     Compared to the same time last year, in March 2016, 21 homes on the Saltwater Canal sold in Flagler County with an average sales price of $361,819, taking on average 220 days on market to sell.

     The top home sale of the month was 63 Island Estates Parkway, in the Island Estates community of Hammock Dunes, selling at $1,100,000.

     The deal of the month was 116 Pine Tree Street in Flagler Beach, selling at $240,000.

     Here's a breakdown of sold Saltwater Canal Homes in March.

Palm Coast / Palm Harbor Saltwater Canal Homes Sold March

11  Crossgate Court West - $570,000

1 Commander Court - $455,000

13 Chadwick Court - $455,000

6 Clermont Court - $382,000

31 Cherokee Court West - $369,900

21 Colorado Drive - $350,000

3 Cedar Hollow Court - $315,350

24 Cool Water Court - $315,000

4 Crossleaf Court East - $289,500

8 Corning Court - $265,000

8 Fleming Court - $259,900

35 Claridge Court North - $241,000

3 Florence Court - $215,000

Flagler Beach Saltwater Canal Homes Sold in March

344 11th Street North - $475,000

116 Pine Tree Street - $240,000

Island Estates / Hammock Dunes Saltwater Canal Homes Sold in March

63 Island Estates Parkway - $1,100,000

99 Island Estates Parkway - $745,000

35 Island Estates Parkway - $660,000

Flagler County Saltwater Canal Lot Sales Report Summary

4 Saltwater Canal lots sold in Flagler County in March. The Average sales price for this months Saltwater Canal Sold Lots was $96,875 while the average days on market was 77 days.  Here's a break down of last months activity.

Palm Coast / Palm Harbor Saltwater Canal Lots Sold in March

8 Criston Court - $77,500

43 Covington Lane - $82,500

12 Floral Court - $102,500

6 Clarendon Court North - $125,000

Realty Exchange is the #1 Real Estate Company in Flagler County!  #1 in sales for 9 years and counting!

Call now!

386-793-1426

Thank you for checking out this Months Sales Report for the Saltwater Canal Homes in Flagler County.  All info is believed to be true and accurate, but not guaranteed.  The source for the information is from the Flagler County MLS.  This is not intended to be an estimate of any ones home value. 

To get a Free Home Valuation and find out your homes true value, contact

Robert "Bobby" Keith, Realtor 386-793-1426

Or Click Here and fill out the form

Robert "Bobby" Keith, Realtor

386-793-1426

Are you looking to purchase a Saltwater Canal Home in Flagler County?  Give me a call at 386-793-1426 or fill out the Buyer Form Here.

Are you looking to sell your Saltwater Canal Home in Flagler County?  Give me a call or fill out the Seller Form Here.

NAR: February's Pending Home Sales Leap 5.5%

NAR: Feb.’s pending home sales leap 5.5%

WASHINGTON – March 29, 2017 – Pending home sales rebounded sharply in February to their highest level in nearly a year and second-highest level in over a decade, according to the National Association of Realtors® (NAR). All major U.S. regions saw a notable hike in contract activity last month.

The Pending Home Sales Index – a forward-looking indicator based on contract signings – jumped 5.5 percent to 112.3 in February from 106.4 in January. Last month's index reading is 2.6 percent higher year-to-year, and at its highest level since last April (113.6); and it's at the second-highest level since May 2006 (112.5).

"Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country," says Lawrence Yun, NAR chief economist. "The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year."

Yun says weather also played a role since last month was "the warmest February in decades."

Looking ahead to the busy spring months, Yun expects to see continued ebb and flow in activity as new supply struggles to replace listings that are going under contract at a very quick pace. This is especially the case at the lower- and mid-market price ranges, where choices are minimal and prices are being bid higher by multiple offers.

"The homes most buyers are in the market for are, unfortunately, the most difficult to find and ultimately buy," says Yun. "The country's healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation's low homeownership rate."

NAR forecasts that existing-home sales will be around 5.57 million this year, an increase of 2.3 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 4 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent.

The pending sales index in the Northeast rose 3.4 percent to 102.1 in February, and is now 6.6 percent above a year ago. In the Midwest, the index jumped 11.4 percent to 110.8 in February, but it's still 0.6 percent lower than February 2016.

Pending home sales in the South climbed 4.3 percent to an index of 127.8 in February and are now 4.2 percent above last February. The index in the West increased 3.1 percent in February to 97.5, but it's still 0.2 percent higher than a year ago.

© 2017 Florida Realtors

Consumer Confidence Hits 17 Year High

Consumer confidence hits 17-year high

NEW YORK – March 28, 2017 – The Conference Board Consumer Confidence Index improved sharply in March after increasing in February. The Index now stands at 125.6, up from 116.1 in February.

The Present Situation Index rose from 134.4 to 143.1, and the Expectations Index that gauges attitudes about the short-term future increased from 103.9 last month to 113.8.

"Consumer confidence increased sharply in March to its highest level since December 2000," says Lynn Franco, director of economic indicators at The Conference Board. "Consumers' assessment of current business and labor market conditions improved considerably. Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects."

Franco says that means "Consumers feel current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months."

Current conditions
Consumers' appraisal of current conditions improved considerably in March. The percentage saying business conditions are "good" increased from 28.3 percent to 32.2 percent, while those saying business conditions are "bad" decreased from 13.4 percent to 12.9 percent.

Consumers' assessment of the labor market was also more positive. The percentage of consumers stating jobs are "plentiful" rose from 26.9 percent to 31.7 percent, while those claiming jobs are "hard to get" decreased moderately, from 19.9 percent to 19.5 percent.

Future expectations
Consumers were also significantly more optimistic about the short-term outlook. The percentage of consumers expecting business conditions to improve over the next six months increased from 23.9 percent to 27.1 percent, while those expecting business conditions to worsen declined from 10.5 percent to 8.4 percent.

Consumers' outlook for the future labor market was also more upbeat. The proportion expecting more jobs in the months ahead increased from 20.9 percent to 24.8 percent, while those anticipating fewer jobs declined from 13.6 percent to 12.2 percent.

The percentage of consumers expecting their incomes to increase improved from 19.2 percent to 21.5 percent, while the proportion expecting a decrease declined from 8.1 percent to 7.0 percent.

The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen. The cutoff date for the preliminary results was March 16.

© 2017 Florida Realtors

Florida a Top State When Comparing Taxes Paid to Services Received

Fla. a top state when comparing taxes paid to services received

TALLAHASSEE, Fla. – March 28, 2017 – If ROI (return on investment) is applied to taxes, a WalletHub study ranks Florida. third in the nation for the value residents get from the state taxes they pay.

For the analysis, WalletHub says it used 23 metrics to compare the quality and efficiency of state-government services across five categories – education, health, safety, economy, and infrastructure and pollution. It then compared the services to the "drastically" different rates at which citizens are taxed in each state.

The complete report on the U.S. tax landscape, the Best & Worst Taxpayer Return on Investment in 2017, is available online.

In the overall rankings, Florida outshines most other states. It ranks third for overall ROI, and third for "total taxes per capita." In education, it's No. 17; for infrastructure and pollution it ranks at No. 21.

In the "overall government services" comparison, Florida ranks at No. 34.

© 2017 Florida Realtors

Homeownership Hits 50 Year Record Low

Homeownership hits 50-year record low

BERKELEY, Calif. – March 27, 2017 – Over the past 10 years, homeownership rates in the U.S. stumbled, wiping out more than three decades of increases. Overall, the national homeownership rate dropped from a peak of 69 percent in 2004 to an average of 63.4 percent in 2016.

Rosen Consulting Group (RCG) estimates that more than $300 billion would have been added to the national economy if the homebuilding industry alone returned to a more normalized level in 2016, representing a 1.8 percent boost to GDP (gross domestic product), according to a new report, Homeownership in Crisis: Where are We Now?, released by Rosen Consulting Group and the Fisher Center for Real Estate & Urban Economics, Haas School of Business, University of California, Berkeley.

"Bolstering homeownership in a safe and sound way is not just about helping households secure financial stability, but may be the single most important factor in returning the United States to a path of robust economic growth," says Ken Rosen, chairman of Rosen Consulting Group and UC Berkeley's Fisher Center for Real Estate & Urban Economics. "This report highlights the current state of homeownership and the many factors that contributed to the plunge in homeownership rates during the past decade."

Compared with pre-recession peaks, homeownership declines were largest among minority households, young adults, one-person households and single-parent households.

National homeownership trends: Key findings

• As of 2016, the African American homeownership rate dropped to 41.5 percent, falling by 7.6 percentage points from the previous peak – the largest decline of any major racial group and 30 percentage points lower than white household homeownership. African American homeownership declined even as the total number of African American households increased by 2.7 million (19.8 percent) since 2005.
• By age, young adults were hit hardest by homeownership declines. The homeownership rate for households aged 25 to 29 years old dropped by 10.9 percentage points to 30.9 percent in 2016.
• The homeownership rate for households aged 30 to 34 years fell by 12.0 percentage points to 45.4 percent compared with the pre-recession peak.
• In 2015, the homeownership rate for single-parent families was 48.2 percent – 31 percentage points below married family homeownership rates. One person households performed only slightly better with a homeownership rate of 52.2 percent, 27 percentage points lower than married families.

Why the plunge in homeownership?

• More than 9.4 million homes were lost in the foreclosure crisis through short sales and deed-in-lieu transactions from 2007 through 2015. Access to easy, yet unsafe, credit in the form of non-traditional mortgage products was a major factor.
• After the crisis, lenders moved in the other direction, severely tightening access to safe and affordable mortgages. Since 2010, lending to applicants with credit scores ranging from 620 to 660 retreated sharply and loans to homebuyers with credit scores below 700 declined to 27 percent of first-lien mortgages in 2014, down from 33 percent in 2010. As of third quarter 2016, the median credit score for conventional mortgages was 760, up from 707 in the fourth quarter of 2006.
• The rise in student debt is another factor. Total student debt nationwide quadrupled since mid-2004 to approximately $1.3 trillion, with both the number of borrowers and the average debt load rising, making it harder for many young households to afford homeownership.
• Following multiple years of rising rents and limited income growth, cost-burdened renter households, defined as those paying more than 30 percent of income toward rent, increased by 3.6 million, which lowered the ability to save for a downpayment.
• The overall pace of household formation decreased sharply following the recession, reducing demand for all types of housing. An estimated 3.4 million additional households would have formed between 2008 and 2015 if household formation had remained on pace with the long-term average.

© 2017 Florida Realtors

Most Millennials Plan to Buy First Home in Next 5 Years

Most millennials plan to buy first home in next 5 years

NEW YORK – March 24, 2017 – More than four in five (80%) millennials in the United States who don't own a home intend to buy in the next five years, according to recent HSBC Group research.

HSBC Group's Beyond the Bricks – an independent consumer research survey of 9,000 people in nine countries worldwide including 1,009 respondents in the U.S. – found that homeownership is a dream deferred but not dead for many millennials around the world who name slow wage growth and housing price inflation as the greatest barriers to purchasing a home.

The report also reveals the need for better financial planning as another significant hurdle for millennials.

According to David Gates, U.S. head of mortgage origination and sales for HSBC: "This study highlights that young people strongly value homeownership, yet there are significant challenges to making the dream a reality for millennials around the world. The perfect storm of stagnating salaries and rising house prices, paired with the need for improved financial planning can make buying a home a deferred reality."

Nearly three-quarters (71%) of millennials are saving more money for a deposit and waiting to earn a higher salary before buying a property, the report finds.

Millennials face significant challenges when it comes to housing affordability. With an expected 1.9% increase in salary growth expected in 2017 and average property prices climbing by 4.8% last year, the dream of owning a home remains a challenge for many.

Of the 71% of millennials who seek to both save and earn more money, 49% feel they are being held back because they cannot afford to buy the type of property that they would like.

More than half (57%) of millennials who bought a home in the last two years ended up spending beyond their initial budget.

The report also finds that many millennials do not have their house in order when it comes to financial planning for a home purchase. Among non-owners intending to buy a home in the next two years, nearly one in three (32%) have no overall budget in mind and a further 54% have only set an approximate budget. As a result, 57% of millennials who bought a home in the last two years ended up overspending their budget.

On the other hand, the millennial generation is willing to consider making big sacrifices to afford a home. Among non-owners intending to buy, 55% would consider spending less on leisure and going out, 41% would consider buying a smaller than ideal place, and 27% would even be prepared to delay having children.

Financial support from parents can make a big difference when saving for a home, and 28% of millennials who bought their own home turned to the "bank of Mom and Dad" as a source of funding.

HSBC research identifies four actions that millennials can take to help make their homeownership dream a reality:

• Plan early and don't underestimate the deposit
• Budget beyond the purchase price to account for extra costs other than the home purchase
• Consider what sacrifices you can make to save more and faster
• Get a full view of your finances and find a home loan that suits your needs

Millennials are defined as those born between 1981 and 1998. The findings are based on a survey of homeowners and non-owners aged 18 or older from a nationally representative online sample in eight countries and a nationally representative face-to-face sample in the UAE. The research was conducted by Kantar TNS in October and November 2016.

© 2017 Florida Realtors®

Florida's Housing Market Continues to See Rising Prices in February

Fla.’s housing market continues to see rising prices in Feb.

ORLANDO, Fla. – March 22, 2017 – Florida's housing market continued to report a tight supply of homes for sale and rising median prices in February, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide remained relatively flat last month, totaling 18,033, down only 0.5 percent compared to February 2016.

"Florida's economy is growing, with more jobs being created," said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. "And a growing economy boosts the state's housing sector as well. However, many local markets are reporting a low inventory of for-sale homes at a time of increasing buyer demand.For sellers, it's a good time to list their homes, as theycontinue to get more of their original asking price at the closing table. In February, sellers of existing single-family homes received 95.8 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent.

"In these kinds of market conditions, serious home buyers must be prepared to act fast, and work closely with a local Realtor to find the right home for their needs and their budget."

The statewide median sales price for single-family existing homes last month was $225,000, up 12.5 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Thestatewide median price for townhouse-condo properties in February was $167,500, up 11.7 percent over the year-ago figure. February marked the 63rd month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), thenational median sales price for existing single-family homes in January 2016 was$230,400, up 7.3 percent from the previous yearthenational median existing condo price was$217,400.In California, the statewide median sales price for single-family existing homes in January was $489,580; in Massachusetts, it was $330,000; in Maryland, it was $261,868; and in New York, it was $250,000.

Looking at Florida's townhouse-condo market, statewide closed sales totaled 7,949 last month, up 4.1 percent compared to February 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 39.6 percent while short sales for single-family homes also dropped 39.6 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

"Florida's market for existing single-family homes in February continued to perform in line with what we've seen over the past year and a half," said Florida Realtors®Chief Economist Dr. Brad O'Connor."Due primarily to fewer distressed properties on the market, sales of single-family homes edged down. However, non-distressed sales of single-family homes were up almost 10 percent year-over-year, showing that the traditional market – as opposed to the niche distressed market – is healthy and continues to grow.

"Meanwhile, Florida's condo and townhouse sales are off to very good start in 2017. Coming off a 6.2 percent year-over-year increase in January, condo and townhouse sales rose 4.1 percent year-over-year in February. For perspective, the last time statewide condo and townhouse sales rose on a year-over-year basis for two consecutive months was in August and September of 2015."

For the second consecutive month, inventory remained at a tight 4.2-months' supply in February for single-family homes, and was at a 6.4-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.17 percent in February 2016, up significantly from the 3.66 percent average recorded during the same month a year earlier.

Realtor.com Names Top 10 Cities for Millennials

SANTA CLARA, Calif. – March 23, 2017 – Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., has announced its top cities for millennials. At the top of the list: Salt Lake City, followed by Miami and Orlando, Fla., as No. 2 and No. 3, respectively.

Rounding out the rest of the top 10, in rank order are Seattle, Houston, Los Angeles, Buffalo, Albany, San Francisco and San Jose, Calif.

"High job growth in markets such as Orlando, Seattle and Miami, and the power of affordability in places like Albany and Buffalo are making these markets magnets for millennials." said Javier Vivas, manager of economic research for realtor.com. "But what really stands out is that all these markets already have large numbers of millennials, which translates into strong populations of millennial homebuyers." 

The average share of the 25-34 year old population in the U.S. is 13 percent, but in these top markets, the average share is 14 percent. Salt Lake City, No. 1 on the list, happens to also have the highest share of milllennials, comprising 15.8 percent of its total population. Seattle is close behind with a millennial population at 15.2 percent, Los Angeles and San Francisco tie for third with 15.0 percent.

Economic growth and relative affordability make these markets really attractive to first-time homebuyers. Salt Lake City has the lowest unemployment rate of all the markets on the list at 2.9 percent, which is well below the national unemployment rate of 4.7 percent. The job market is also a factor in San Francisco and San Jose, with the unemployment rate at 3.7 percent. When it comes to affordability, Buffalo is No. 1 with the most affordable home prices relative to salary, at 22.7 percent. It's followed by Albany where people only use 27.3 percent of their income on a home and Salt Lake City where buyers use 30 percent.

Realtor.com analyzed the 60 largest markets in the U.S. and compared the share of millennial page views in each area to the national average. Markets were ranked based on their comparison to the national average. Page view data included in this analysis covers the period from August 2016 to February 2017.

Realtor.com's top cities for millennials

1. Salt Lake City

The draw: The excitement of an urban city with the relaxed vibes of a mountain town. Large tech companies such as Adobe are attracting the millennial generation to this area by offering innovative workspaces, large salaries and an overall high quality of life.

Millennial hotspot:  Sugar House, located southeast of downtown Salt Lake City, offers hip bars and trendy restaurants.

The stats: Millennials make up 15.8 percent of the population. Homeowners spend 30 percent of their income on their home and the unemployment rate is 2.9 percent

2. Miami

The draw: An international mecca for tourism and entrepreneurship.

Millennial hotspots: Wynwood, located just north of downtown, offers a strong art community.

South Beach is a strong draw for business and fashion oriented millennials looking to make it big in their careers.

The stats: The millennial population makes up 13.1 percent of the population. Affordability is tough, requiring the average buyer to spend 49 percent of their income on a home. Its unemployment rate is 5.1 percent, slightly above the national average.

3. Orlando

The draw: Downtown Orlando is becoming a hot area and offers easy access to public transportation, shopping and dining, as well as a proximity to many jobs.

Millennial hotspots: Thornton Park, located just east of downtown has also become popular among millennials who are looking to live in a unique historic neighborhood with cobbled streets and lined with bungalows.

The stats: Millennials account for 14.6 percent of the total population in Orlando. Homes are affordable here and only require 34 percent of income. The unemployment rate is below the national average at 4.4 percent.

4. Seattle

The draw: With big company names such as Starbucks, Amazon, Filson, K2 and REI, it's not hard to imagine why so many millennials want to live and work in Seattle.

Millennial hotspots: Capitol Hill and Belltown are popular neighborhoods for creative millennials who want access to boutique shopping, craft breweries and unique dining experiences.

The stats: Seattle has the second largest millennial population, at 15.2 percent, of all the towns on the list. It offers affordability of 35.6 percent and an unemployment rate of 4.2 percent.

5. Houston

The draw: A booming job market is drawing many young millennials looking to jump-start their careers. Millennial hotspots: The Heights, Oak Forest, and Timbergrove attract millennials with their close proximity to downtown, boutique shops, trendy restaurants and craft breweries.

The stats: Houston's population is made up of 14.5 percent millennials. While people spend 36.1 percent of their income on homes, the unemployment rate in Houston is slightly higher than the national average at 5.4 percent.

6. Los Angeles

The draw: Companies such as Snap Inc. and Airbnb draw tech driven millennials to what is now being referred to as "Silicon Beach," while actors, comedians and music artists are still drawn to the area for a chance at fame.

Millennial hotspots: Silver Lake is a hotbed for millennials looking for a young and creative community. The stats: Millennials make up 15.0 percent of the population. While the unemployment rate is in line with the national average at 4.7 percent, affordability is difficult in Los Angeles with people spending 64.1 percent of their income on a home.

7. Buffalo

The draw: Money is flowing into the area as a tech scene begins to expand from incubation competitions such as 43 North, which awards $5 million in prizes yearly.

Millennial hotspots: With a revitalized waterfront, downtown Buffalo and North Buffalo are becoming hot real estate for trendy millennials who are looking for easy access to shopping and dining as well as a family-oriented community.

The stats: For those millennials looking to spend more time outdoors, Buffalo has a millennial population of 13.4 and an unemployment rate of 5.6 percent. It is the most affordable market on the list, where people only spend 22.7 percent of their salary on their home.

8. Albany

The draw: Albany is slowly becoming what is referred to as the "Silicon Valley of the East Coast," with companies such as GE putting up headquarters and employing over 7,000 people. The large tech scene popping up is attracting many young millennials who want to be in tech, but don't want to pay for real Silicon Valley housing prices.

Millennial hotspot: Specialty cocktail bars, Biergartens, and craft coffee houses make downtown Albany the place to be for millennials.

The stats: Millennials make up 12.7 percent of Albany's population. It offers both affordable housing at 27.3 percent of income and a low unemployment rate at 4.5 percent.

9. San Francisco

The draw: San Francisco's tech fueled job market is pumping millennials into the area left and right, however, sky-high housing prices are pushing many of the newcomers to the outer neighborhoods and forcing them to rent.

Millennial hotspots: North Beach and the Mission have become popular for the young tech generation that have established themselves and earned a large paycheck, while the Sunset District and Daly City offer more affordable housing options – relative to the rest of the city.

The stats: In San Francisco, millennials make up 15 percent of the total population. While the unemployment rate is really low at 3.7 percent, affordability is a concern with people spending 56.2 percent of their income on a home.

10. San Jose

The draw: Opportunity to work in some of the most innovative companies in the U.S. as well as the infamous Silicon Valley paycheck, are major drivers drawing millennials to the area.

Millennial hotspots: Centrally located downtown San Jose is attracting many millennials because of its public transportation as well as trendy shops and unique dining experiences.

The stats: Millennials make up 14.2 percent of the total population in San Jose. Similar to San Francisco, the unemployment rate is low at 3.7 percent but homes cost 53 percent of income.

Source: Realtor.com

© 2017 Florida Realtors

Top Buyer/Seller Regret? Not Prepping Soon Enough

Top buyer/seller regret? Not prepping soon enough

SEATTLE – March 20, 2017 – The spring home-buying season could be one of the most competitive in recent history as listing inventory remains tight and mortgage rates appears to be going up.

In a survey of 13,000 recent home buyers and sellers, the top regret for both focused on preparation: They didn't start the process soon enough, according to the 2016 Zillow Group Report on Consumer Housing Trends.

U.S. home values across the nation are up 7.2 percent over the past year, and there are three percent fewer homes to choose from than a year ago, according to the January Zillow® Real Estate Market Reports.

"Understanding whether you are in a buyer's or a seller's environment will help you manage your expectations and will give you insight into what you're going to need to bring to the table in order to close the deal," says Jeremy Wacksman with Zillow.

Being prepared: Buyers

• Keep options open. 52 percent of buyers said they also considered renting, and 37 percent of first-time buyers seriously considered continuing to rent. Savvy shoppers should have a Plan B in place – hoping to buy if it works out, perhaps, but willing to sign a lease if they don't make a deal by the time they must move.
• Be realistic about your budget. Set it and stick to it. First-time home buyers are more likely to exceed their budget than repeat buyers (39 percent vs 26 percent). Before meeting with a lender, buyers should study their personal finances and spending preferences, and calculate a monthly payment range they feel comfortable with.
• Get financing squared away early. Meet a few lenders four to six months before planning to buy to move quickly if a dream home comes along: 77 percent getting pre-approved by a lender before finding a home.
• Find an agent with a winning track record. Only 46 percent of buyers got the first home on which they made an offer, demonstrating that competition is now part of the process.
• Communication is key. Make sure your preferred method and frequency of communication matches your agent: 33 percent of buyers preferred phone calls, 21 percent preferred emails and 15 percent preferred texts.

Being prepared: Sellers

• Start early, be strategic. Sellers consider putting their home on the market for five months before they list it, but the top seller regret is that they'd spent more time prepping for the sale. Many cities have a magic window in the spring when homes have a higher likelihood of selling quickly for more money.
• Work with an agent from the start. 90 percent of sellers who sold quickly and for more than list price worked with an agent; 58 percent began working with an agent at the very beginning of their selling journey.
• Pay attention to online curb appeal. Most buyers begin their search online. Sellers who sold their home for more than list price made imagery and home information available online: 48 percent had professional photos taken of the home, 30 percent shot video footage and 21 percent shot drone footage.
• Home improvements can be a worthwhile. Many sellers tackled a home improvement before listing their home
• Don't be afraid to try again. In many markets, nearly half of listing views occur in the first week a home is on the market – 26 percent of owners who sold above list price took their home off the market for a while to adjust the sales price.

© 2017 Florida Realtors

Single Family Housing Starts Hit Highest Level in 10 Years

Single-family housing starts hit highest level in 10 years

WASHINGTON – March 16, 2017 – Nationwide housing starts rose 3 percent in February from an upwardly revised January reading, according to new data from the U.S. Department of Housing and Urban Development (HUD) and the Commerce Department.

Single-family production increased 6.5 percent to 872,000 units – its highest reading in nearly a decade. Meanwhile, the multifamily component fell 3.7 percent to 416,000 units.

"This month's gain in single-family starts is consistent with rising builder confidence in the housing market," says Granger MacDonald, chairman of the National Association of Home Builders (NAHB). "We should see single-family production continue to grow throughout the year, tempered somewhat by supply-side constraints such as access to lots and labor."

"The growth in the single-family arena is very encouraging, but may be partly attributable to unusually warm weather conditions throughout most of the country," said NAHB Chief Economist Robert Dietz. "The modest drop in multifamily starts is in line with our forecast, which calls for this sector to continue to stabilize in 2017."

Regionally in February, combined single- and multifamily housing production rose 35.7 percent in the West. Starts fell by 3.8 percent in the South, 4.6 in the Midwest and 9.8 percent in the Northeast.

Future starts
A drop in multifamily permits pulled overall permit issuance down 6.2 percent in February. Multifamily permits fell 21.6 percent to 381,000 units – but single-family permits rose 3.1 percent to 832,000 units – its highest level since September 2007.

Regionally, overall permits rose 25.4 percent in the Midwest. Permits fell 10 percent in the West, 10.4 percent in the South and 22.3 percent in the Northeast.

© 2017 Florida Realtors