TMB Realty Group Naples

The most recent custom home being built by TradeMark Development Group in Old Naples will be ready to add to the MLS in the coming weeks. . This beautiful five bedroom, four plus bath home is waiting for the perfect owner. Feel free to reach out to me to discuss purchasing this home

Sales of New Homes are surprisingly strong in May as pent up demand due to COVID 19 uncertainty

Share this article: FacebookTwitterLinkedInPrintShare
New Home Sales Rise Surprisingly Strong 16.6% in May
By Martin Crutsinger
The seasonally adjusted annual rate was higher than analysts expected – many economists predicted a decline. It was also 12.7% higher compared to year-ago numbers.
WASHINGTON (AP) – Sales of new homes rose a surprisingly strong 16.6% in May with the reopening of major parts of the country potentially fueling activity in the housing market.

The Commerce Department reported Tuesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 676,000 last month.

That was a much better performance than expected. Many economists had forecast that sales would fall in May.

The new home sales numbers come just one day after the U.S. reported a 9.7% plunge in May sales of existing homes to an annual rate of 3.91 million, the slowest pace in nearly a decade.

There are hopes that the housing slump that occurred with the virus shutdowns could be coming to an end, though the millions of jobs lost to the pandemic could impede any rebound.

Nancy Vanden Houten, lead U.S. economist with Oxford Economics, said she expected a modest recovery in sales in coming months following the big declines in the first quarter, but she still expects a decline overall this year.

“The slow recovery in the labor market will limit the upside of any rebound in the housing market,” she said.

The median price of a new home rose 4.9% to $317,900 in May after falling by 8.7% in April, a drop that was attributed to heavy discounting by builders in the midst of the coronavirus shutdowns.

The big sales rebound left activity in May 12.7% higher than a year ago.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Landlords and Property Owners can begin evictions for non payment of rents beginning July 1, 2020. As the Fla. Supreme Court: Eviction Writs to Restart July 1

By Kerry Smith
Residential evictions are banned until July 1, but without court-issued writs, commercial evictions are also affected. Barring an extension, both are back at the end of this month.
ORLANDO, Fla. – Rules issued by both lenders and government agencies have put residential evictions on hold during the COVID-19 pandemic. And while no order halted commercial evictions, Florida courts have not been issuing writs of possession during the pandemic – a rule that the Florida Supreme Court says will end on June 30 barring any more extensions.

Without a writ of possession, landlords and property owners don’t have the necessary legal document to evict a tenant.

A no-eviction order issued by Gov. Ron DeSantis only stopped the eviction itself, and tenants were expected to continue paying rent.

As a result, it is possible Florida courts could have a number of eviction proceedings on their docket when they again start issuing writs of possession.

© 2020 Florida Realtors®