Miami drops in home price hikes, new ranking finds
After nine months of leading metro areas across the country in year-over-year increases in home prices, Miami fell out of the top spot in May
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After nine months of leading metro areas across the country in year-over-year increases in home prices, Miami fell out of the top spot in May
June is National Homeownership Month and with rising interest rates and home costs, getting to own a home is becoming more and more costly.
The median existing home price was $396,100 last month, down from 3.1% from a year ago
The average renter in Miami must make a six-figure salary to avoid being classified as rent burdened, according to a new report from researchers at Florida Atlantic University and two other schools.
Miami continued to top other metro areas nationally in home-price increases in March when compared to a year earlier, according to a report released Tuesday.
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Home prices went up slightly in February.
Guests: Eileen Higgins/MIAMI-DADE COUNTY COMMISSIONER
City of Oakland Park commissioners want to help keep home prices within the reach of people in their community.
Trish Christakis reports those who can afford homes, who are making over six figures, still aren’t purchasing because of the steep prices and they don’t think it's worth the investment because of the record high mortgage rates.
As the spring homebuying season approaches, affordability is at its lowest point in history, one economist said.
The Atlanta area was the third-highest
In 45 of the 50 largest cities, buyers pay far more for the privilege to own a home than they do to rent.
The Miami area had a 21 percent year-over-year increase
Buyers are getting squeezed by higher real estate prices and soaring mortgage rates, which could force more out of the market.
Rising mortgage rates are shrinking the number of people who can afford to get a home loan.
The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week
Surge in borrowing costs is pushing some buyers out of the market, while sellers face a quandary.
Interest rate on a typical 30-year mortgage rate has jumped by more than a quarter-point this week to 6.29%.
But sales of previously occupied homes have slowed sharply amid higher mortgage rates and rising prices.
The latest figures showed that home prices surged over 20% since March of last year.
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