South Florida On The Market

Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends.  Overall price trend indicators and the number of sales continued to rise year over year in Miami Coastal Mainland. Full report:  https://www.elliman.com/pdf/807608cfc8f700da5d3e8803efdbfd04d18a7e21

Millennial homebuyers are taking out larger FHA-backed mortgage loans year-over-year, according to November data from the Ellie Mae Millennial Tracker: 26 percent of all closed loans to millennials were for FHA loans. They had an average loan size of $186,454, up from $178,862 year-to-year and $170,167 in two years. Conventional loans accounted for 69 percent of closed loans made to millennials during the same period, with an average loan amount of $211,268. 2 percent of loans were for VA loans; three percent were unspecified. Men were listed as the primary borrower for 56 percent of FHA loans. Women were listed on 35 percent, and nine percent were unspecified. It took an average 43 days to close both FHA and conventional loans across the country compared to an average of 42 days for all loans. In November, 89 percent of all loans closed by millennials were for purchases, 10 percent for refinances. Interest rates on all loans rose to 5.1 percent, the highest per

Buoyed by falling mortgage rates, builder confidence in the market for newly-built single-family homes rose two points to 58 in January on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). "The gradual decline in mortgage rates in recent weeks helped to sustain builder sentiment," says NAHB Chairman Randy Noel. "Low unemployment, solid job growth and favorable demographics should support housing demand in the coming months." "Builders need to continue to manage rising construction costs to keep home prices affordable, particularly for young buyers at the entry-level of the market," says NAHB Chief Economist Robert Dietz. "Lower interest rates that peaked around 5 percent in mid-November and have since fallen to just below 4.5 percent will help the housing market continue to grow at a modest clip as we enter the new year." Due to the partial government shutdown, there will be no government figures released

A selection of private Miami beach front residences designed to seamlessly embrace park and ocean in Miami Beach’s newest neighborhood. The first residential project in the United States created by master architect Renzo Piano. For more info: http://malenyshernandez.com/project-details/121

Last year is likely a high-water mark for the U.S. economy, but 2019 won't be anything close to the plunge into the abyss that recent stock market gyrations have suggested. If the economy were a jet that reached cruising speed in 2018, it will throttle back moderately next year before slowing further in 2020, economists say. And if it keeps growing past July, it will mark the longest expansion in U.S. history. After notching an expected 3 percent gain this year – which would be its best showing in more than a decade – the nation's gross domestic product is projected to grow 2.6 percent in 2019, according to the average estimate of 51 economists surveyed by Wolters Kluwer Blue Chip Economic Indicators. While job growth is poised to slow, wage increases are accelerating. And healthy consumer spending is likely to offset a slowdown in business investment growth and a sputtering housing market. "This is still a robust economy," says Barclays economist Jonathan

The economic outlook hasn't been quite as rosy lately, and so the Fed is stepping back just a bit. The Federal Reserve raised its key interest rate Wednesday for a fourth time this year but lowered its forecast to two hikes in 2019 amid the recent stock market sell-off and uncertain growth prospects. "The economy has continued to perform well," Fed Chairman Jerome Powell said at a news conference. But, he added, "We have seen developments that may signal some softening … In early 2018, we saw a rising trajectory for growth. Today, we see growth moderating ahead." The central bank's latest move, which comes amid President Donald Trump's repeated criticism of Fed rate hikes, is expected to set off a domino effect across the economy, bumping up rates on credit cards, home equity lines of credit and adjustable-rate mortgages. As expected, the Fed raised the federal funds rate – which is what banks charge each other for overnight loans – by a quarter

With Miami’s new  10-mile Underline  project underway, the ‘Magic City’ looks to be changing for the better.    Meg Daly, previous marketing director turned founder of the nonprofit group Friends of the Underline, has teamed up with the Miami-Dade County and designers from the James Corner Field Operations, known for their work on New York City’s Highline, in tackling the massive construction job. The 10-mile long mixed-use park will extend from downtown Miami to Dadeland’s South Station, providing urban space for safe transit and recreation. The target design includes two 10-mile-long individual parallel pathways, with one dedicated to walking pedestrians or those on foot, and the other for bicyclists. The pathways will connect to several landscape spaces such as parks, playgrounds, gardens, and other locations for neighborly social gatherings.     Although Daly has already acquired $90 million in funding from Miami, Coral Gables, Miami-Dade County and the state of Florida,