Interest rates in Ocala, Belleview, Palm Bay , Florida.

[Wagner Nolasco]

INTEREST RATES

The next Federal Open Market Committee meeting is September 20-21 (Tuesday-Wednesday). The Fed will release a statement announcing its next rate hike on the second day, September 21, at 2:00 pm. Because the August CPI came in at 8.3%, it is clear that inflation isn’t slowing down. The Fed needs to take aggressive action. The September rate hike will either be 0.75% or 1.00%. The higher rate will slam the brakes on the real estate industry because mortgage rates will go up dramatically.

OCALA

In August 2022, Ocala home prices were up 13.2% compared to last year, selling for a median price of $265K. On average, homes in Ocala sell after 15 days on the market compared to 11 days last year. There were 129 homes sold in August this year, down from 154 last year.

Ocala is very competitive. Many homes get multiple offers, some with waived contingencies. The average homes sell for about 1% below list price and go pending in around 12 days. Hot homes can sell for around list price and go pending in around 5 days.

BELLEVIEW

In August 2022, Bellview home prices were up 20.7% compared to last year, selling for a median price of $239K. On average, homes in Bellview sell after 39 days on the market compared to 42 days last year. There were 52 homes sold in August this year, up from 52 last year.

PALM BAY

In August 2022, Palm Bay home prices were up 25.8% compared to last year, selling for a median price of $340K. On average, homes in Palm Bay sell after 51 days on the market compared to 46 days last year. There were 294 homes sold in August this year, down from 303 last year.

Florida’s Top 10 “Most Overpriced” Housing Markets (By Moody’s Analytics)

• Homosassa Springs MSA (57%)
• Palm Bay-Melbourne-Titusville MSA (48%)
• Punta Gorda MSA (45%)
• Vero Beach-Sebastian MSA (42%)
• Port St. Lucie MSA (40%)
• Crestview-Fort Walton Beach-Destin MSA (40%)
• Cape Coral-Fort Myers MSA (39%)
• Miami-Miami Beach-Kendall Metropolitan Division (39%)
• Naples-Immokalee-Marco Island MSA (38%)
• North Port-Sarasota-Bradenton MSA (38%)

Florida Housing Supply

Are there enough homes for sale to meet buyer demand?

In August 2022, there were 134,765 homes for sale in Florida, up 12.1% year over year. The number of newly listed homes was 42,338 and down 9.56% year over year. The average month of supply is 3 months, up 0 year over year.

Florida Housing Market Overview

In August 2022, home prices in Florida were up 16.4% compared to last year, selling for a median price of $395,300. On average, the number of homes sold was down 18.7% year over year and there were 34,762 homes sold in August this year, down 42,758 homes sold in August last year. The median days on the market was 29 days, up 2 years over year.