Is Southwest Florida's real estate market starting to cool
Home prices may increase around 5.3 percent this year, less than half the 11.3 percent gain posted in 2013, Yale University economist Robert Shiller said Tuesday. home prices fell for the second straight month in December as brutally cold weather, tight supplies and higher costs slowed sales.
"Recent economic reports suggest a bleaker picture for housing," Blitzer said. "Existing home sales fell 5.1 percent in January from December to the slowest pace in over a year. Permits for new residential construction and housing starts were both down and below expectations."
While some of that reflects the cold weather throughout much of the country, he said higher home prices and mortgage rates also are taking a toll on affordability.
The local picture
Single family home prices surged 21 percent in the Sarasota Manatee region and 16 percent in Charlotte County in 2013, the Florida Realtors trade group reported.
But a separate CoreLogic Case Shiller report released last year predicted home prices will rise just 3.6 percent in Sarasota Wholesale Handbags Manatee and 4.3 percent in Charlotte through mid 2014.
Median home prices declined 7 percent from December to January in Sarasota Manatee and by 10 percent in Charlotte. Sales were down as well during the typically slower first month of the year.
John Bockin of Re/Max Harbor Realty said single family home prices are 15 percent to 25 percent higher in Charlotte than last year, but most believe that will ease in 2014.
"The general consensus is that we are expecting moderate growth in average sale prices in homes, condos and Cheap NBA Jerseys vacant land," said Bockin, president of the Punta Gorda Port Charlotte North Port Association of Realtors.
Worries about falling prices
On Tuesday, Shiller raised the prospect that home prices might decrease by the end of the year. census divisions, 10 major metro areas and 20 large metro areas.
All three posted solid gains last year 11.3 for the national, 13.6 percent for the 10 city and 13.4 percent for the Wholesale Jerseys 20 city
The 20 city index includes two Florida cities. The price index rose 15.8 percent in Tampa and 16.5 percent in Miami last year, both topping the national averages.
Tampa and Miami were among just six of the major cities that posted gains for the month of December. homes. The index measures prices compared with those in January 2000 and creates a three month moving average.
Some say the slowdown in sales prices could make homes more affordable for buyers.
"The market should continue its slow march back to normal, as annual appreciation rates fall to more sustainable levels around 3 percent," said Stan Humphries, chief economist at real estate data provider Zillow.
Mortgage rates are a one percentage point higher than last spring, although they remain low by historical standards. The average rate on the 30 year loan was 4.33 percent last week, mortgage buyer Freddie Mac reported.
Home prices may Wholesale Bags increase around 5.3 percent this year, less than half the 11.3 percent gain posted in 2013, Yale University economist Robert Shiller said Tuesday.