Consumer Confidence Affecting the Real Estate Market
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Consumer confidence among Floridians in May did not budge from its April level of 86, the likely result of a downturn in the housing market and continued high fuel prices, University of Florida economists report.
“Confidence remains low as gas prices remain near historical highs with no sign that they will retreat any time soon,” says Chris McCarty, director of the survey research center at UF’s Bureau of Economic and Business Research. “We are also seeing an anticipated softening in the real estate market, particularly among those using Florida real estate as an investment.”
Existing home sales are down and inventories are up, McCarty says. New home sales are sluggish considering the incentives builders must offer to lure buyers.
Source: Florida Association of Realtors
Consumer confidence among Floridians in May did not budge from its April level of 86, the likely result of a downturn in the housing market and continued high fuel prices, University of Florida economists report.
“Confidence remains low as gas prices remain near historical highs with no sign that they will retreat any time soon,” says Chris McCarty, director of the survey research center at UF’s Bureau of Economic and Business Research. “We are also seeing an anticipated softening in the real estate market, particularly among those using Florida real estate as an investment.”
Existing home sales are down and inventories are up, McCarty says. New home sales are sluggish considering the incentives builders must offer to lure buyers.
Source: Florida Association of Realtors
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