South Tampa Real Estate Report
South Tampa Real Estate Market Report | 7/31/22 - 8/6/22
I pulled together a few recent sensational and/or contradicting headlines to demonstrate that nobody really knows what's going to happen with interest rates, the economy, inflation or the housing market. It's funny how headlines twist the facts to gain the attention of readers.
"Home Inventory Rose at Record Pace in July" - Sounds bad doesn't it? But here's the reality...the 31% "recording breaking" increase was compared to July '21 when inventory rates were at historic lows. I can tell you for a fact that South Tampa inventory is 67% lower than when I started the South Tampa Market Snapshot in January of 2018.
"More Prospective Buyers Are Actively Searching for a Home" and "Homebuyer Activity Shows Pulse as Mortgage Rates Dip Below 5%" - Both of these articles indicate homebuyers are coming back after the shock and awe of interest rate increases in Q2. Yet, within 24-48 hours of those articles, you saw "Home Showings Drop Again in June".
"Offerpad Posts $1.1 Billion in Revenue Growth in Q2" - That's an impressive number, but read on and you'll see they reported a net loss of $1 million dollars despite huge revenue figures.
"Yun: Possible Economic Downturn Likely to be Mild" published one day after "New Home Sales Make it Clear: Housing is in a Recession". I know how they traditionally define an economic recession, but can someone help me out with what constitutes a "housing recession"?
"Opendoor Agrees to Pay $62M to Settle Deceptive Offer Claims" - At least one headline stated the truth.
Have a great week!
Michael Palermo
