Are we heading to recession, and how's the real estate market here in Miami?
From the time of this recording, the unemployment rate is at 3.6% and wages are up 3.2%. Experts are not predicting a recession in the next nine to 11 months. Hi, I'm Heather Waldron from Heather Homes Miami at Global Luxury Realty. Anthony Chan, Chief Economist at JPMorgan Chase, says he feels comfortable that the economy is slowing down this year, but not going into a recession, and just this June, he also said that he's feeling good about the economy over the next 11 months. So while economic growth is slowing, we are not headed into a recession this year.
How about interest rates? Well, Freddie Mac said the average 30-year mortgage rates in June hit the lowest level in nearly two years. That is great news!
We all know the real estate is local, so how are sales here in Miami? Well, amounts of inventory on hand have pretty much dropped across the board, which is great for condos and higher-priced homes which have been in buyers' markets. However, on the more affordable range of single-family homes, this means the market is getting even more competitive with slightly over two months supply of homes priced $300k and below.
I hope you found this informative. Give me a call if you have any questions about the home buying and selling process.
Make it a great day!