The 2020 Florida Real Estate Market

Dated: June 29 2020

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What Are Experts Saying About the Rest of the 2020 Florida Real Estate Market?

What Are Experts Saying About the Rest of 2020? | MyKCM

One of the biggest questions on everyone’s minds these days is: What’s going to happen to the  Florida housing market in the second half of the year? Based on recent data on the U.S. economy, unemployment, real estate, and more, many economists are revising their real estate market forecasts for the remainder of 2020 – and the outlook is anything but discouraging. Here’s a look at what some experts have to say about key areas that will power the housing industry and the economy forward this year.

Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association

“The recovery in housing is happening faster than expected. We anticipated a drop off in [the housing market] Q3, but we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in mortgage originations in 2020, now we think there will be 2% growth this year.”

Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point...Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

Housing Inventory: George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new housing inventory...we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame."

Mortgage Rates: Freddie Mac

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

New Home Construction: Doug Duncan, Chief Economist, Fannie Mae

“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9%. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”

Bottom Line

The experts are optimistic about the second half of the year when it comes to the housing market and Florida's housing market shouldn't be any different. If you paused your 2020 real estate plans this spring, let’s connect today to determine how you can re-engage in the process before prices continue to climb.

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Andrea Hartmann

Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....

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