Last fall, Hurricane Ian smashed into Florida’s western coast, leaving a wide path of destruction. Many experts questioned how long it would take the local housing market to bounce back.
In the first two months after the storm struck in September, listings were down by 900 units compared to where they would have been had the storm never made its unwelcome arrival, according to Redfin.
Flash forward six months, and things were very different. Listings surged to 1,314 units above projections during that period. In addition, sales — which lagged in the first three months after the storm — picked up significantly, though they have yet to fully recover.
In summary, Redfin senior economist Sheharyar Bokhari says that when it comes to Florida real estate, “many homebuyers continue to prioritize waterfront views, relatively affordable home prices and lower taxes above climate concerns.”
Source: Redfin
Mortgage Rates Inch Up
Mortgage rates inched up slightly after a significant decline last week. Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.
