March South Florida Real Estate Market Report 2022 from Susan Penn

Mortgage Rates Drop
The mortgage rates were climbing up to 4.08%. The mortgage rates have dropped back to 4.0% and today the 30-year, fixed-rate mortgage rates have fallen to 3.76% as the devastating war takes place with Russia invading Ukraine. Mortgage rates are based on bonds. When bonds are more expensive, mortgage rates are lower, which is currently taking place. Stocks and cryptocurrencies have also lost some of their value. The Federal reserve will be meeting March 15-16 to discuss the rates. Be on the lookout as mortgage rates are expected to climb higher. 

Despite lack of supply, existing home sales rise 6.7%
Homebuyers flocked to what little inventory existed in January, with existing-home sales rising 6.7% from the prior month to a seasonally adjusted annual rate of 6.5 million.January sales fell 2.3% from a year earlier, though the median existing-home price rose 15.4% annually to $350,000, according to the Friday report from the National Association of Realtors. (Housingwire.com)

Prepare Now for a Busy Housing Market This Spring
The 2022 real estate market is shaping up to be something closer to normal. As we approach the busy spring homebuying season, homebuyers are still likely to face an uphill battle, but it shouldn’t feel anything like 2021.Home values skyrocketed by nearly 20% at many points in 2021. While housing prices aren’t expected to drop in 2022, the increasing rate of prices should slow down. Many experts believe home values will increase at roughly half the rate (single-digit increases) we saw during the peak of 2021. (Time.com)