Single-family homes are taking longer to sell in the South than in the rest of the country, with listings in Florida, Mississippi, and Louisiana sitting idle on the market for a record 91 days before going under contract. The number of days homes spend on the market before going under contract has been rising steadily since April 2024.
Why Is the South Faring Worse?
The South experienced a boom in housing demand during the pandemic home-buying frenzy, as the region saw an influx of newcomers coming from more expensive markets who had been freed by the rise of remote work.
At the time, many moved to these states because they were more affordable, had better weather, and a lower tax environment. But the addition of so many people had the unwanted consequence of sending home prices in these markets through the roof, hurting locals’ ability to buy.
Source: ResiClub
Pinellas County
Kicks off $125M Beach
Renourishment Project
The onetime $125.5 million beach renourishment project mostly funded with Pinellas County bed tax dollars kicked off this week with 80% of the temporary easements needed. The project encompasses 9 miles of beach from Sand Key in Clearwater south to Upham in St. Pete Beach. All of the sections will be worked on at the same time to complete the project as fast as possible.
The beach renourishment project costs $125.5 million, with $11 million coming from state grants and $114.5 million coming from the Tourist Development Tax collected from overnight visitors.
Normally, the Army Corps of Engineers would pay for more than 60% of the project, but the agency has been locked in a standoff with Pinellas County since 2015 over perpetual easements from homeowners.
Source: Tampa Bay Times
Mortgage Rates
Continue to
Move Down
Mortgage rates decreased yet again this week, prompting many homeowners to refinance. In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022.
