Miami Real Estate Market Sees a Decrease in Sales
Miami, Florida – Last March, the real estate market in Miami experienced a significant slowdown, with a 15% decrease in total home sales. According to the monthly report of the Miami Association of Realtors, there were 2,141 sales of single-family homes and condominiums in Miami-Dade County in March, compared to 2,513 sales in the same month of the previous year.
Broward County also experienced a similar trend, with only 1,084 houses sold in March 2023 compared to 3,133 sold 12 months ago. This marks the first double-digit drop in South Florida since last August, indicating increasing pressure on home buyers.
There are two key pressures facing real estate buyers in the current market – mortgage rates and historically high prices. The average sales price for single-family homes in Miami-Dade is close to $650,000, while condos are listed at $445,000. In Broward, the average price for houses is $607,000 and for condos, it is $288,750.
Buyers are facing more residential options, with Miami-Dade having 4.3 months of supply of houses and 8.2 months of condominiums, while Broward has 3.9 months of houses and 7.2 months of condos. A healthy state consists of six to nine months of inventory.
Cash transactions are becoming a trend in the current market, with 37.2% of deals in Miami-Dade and more than 42.6% in Broward closing in cash. Looking ahead, interest rates are expected to be the key factor influencing buyers and sellers in the medium term.
Overall, the real estate market in Miami is facing challenges, but experts remain hopeful for a turnaround in the near future.
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Morocco-Mauritania Economic Forum: Creation of a task force for bringing together business communities
The announcement of the creation of this task force, which aims to bring together the two business communities and facilitate investment and bilateral trade procedures, was made on the sidelines of the 3rd edition of the Morocco-Mauritania Economic Forum placed under the theme “Towards an innovative, sustainable economic and commercial partnership with a strong impact for the entire African continent”.
This task force will work according to a clear and pragmatic action plan to enable the realization of projects of common interest identified during these three editions of the Forum, through support on the ground for Moroccan and Mauritanian companies for the deployment of their investments.
It comes following the establishment of a determined roadmap to quickly execute the investment projects presented by companies from the two countries and to monitor and evaluate them.
On this occasion, the Moroccan ambassador in Nouakchott, Hamid Chabar, stressed that it is up to government institutions and the Moroccan and Mauritanian private sector to realize a united and effective strategic partnership, fully exploiting the potential available to both. country.
He further declared that these “numerous opportunities can be seized and materialized through joint work based on positive complementarity and the win-win principle, with the aim of meeting all the challenges facing our regional and continental space. ”.
Mr. Chabar also recalled the unprecedented dynamic of trade between Morocco and Mauritania, recording a volume of 300 million dollars, an increase of 58% compared to 2020, noting that Morocco is the leading supplier of the Mauritanian in Africa and that Mauritanian imports from the Kingdom represent nearly 50% of all its imports from the African continent.
This dynamic, continues the ambassador, is expected to be reinforced by promising investment opportunities for Moroccan investors, particularly in agriculture, livestock, fishing, mining and energy, tourism, services. , as well as public works and infrastructure.
The first day of the Forum ended with the presentation of the Moroccan-Mauritanian Business Council, and the business climate of the two countries by their respective investment promotion agencies.
This business forum was marked by the participation of the Ambassador of Mauritania in Rabat, Ahmed Ould Bahiya, the Minister of Economy and Sustainable Development of Mauritania, Abdessalam Ould Mohammed Salah, and more than 300 business leaders. Moroccan and Mauritanian companies operating in different sectors.
Dollar Hits 34-Year High Against Yen Amid Fed Interest Rate Speculation – Market Watch
In late trade, the dollar/yen was up 0.1% at 154.81 yen. The price has moved slightly away from 155 yen, which is considered the intervention protection line. The monetary policy meeting at the Bank of Japan to be held this week is attracting attention.
Calvin Tse, Managing Director and Head of Macro Strategy for the Americas at BNP Paribas, said, “Japan’s Treasury believes that the fundamentals of the exchange rate are wrong, such as the sharp rise in US bond yields on the back of the dollar/yen appreciation . “I think they realized they were moving in that direction.” “If the driving force behind the rise in dollar/yen is a rise in US bond yields, I don’t think the Japanese authorities will intervene,” he said, adding, “If US bond yields start to fall, that will be there. be an opportunity for the Japanese authorities to act.”It will happen,” he said.
The dollar index against major currencies was slightly up at 106.13.
Electric vehicle (EV) giant Tesla will be announced within the week(TSLA.O) New tabopens a new taband Meta Platforms(META.O) New tabopens a new tabMicrosoft(MSFT.O) New tabopens a new tabalphabet(GOOGL.O) New Tabopens a new tabThe quarterly financial results attract attention. In addition, the first quarter of US gross domestic product (GDP) will be announced on the 25th, and the US personal consumption expenditure (PCE) price index will be released on the 26th.
The euro/dollar exchange rate was almost unchanged at $1.0651, while the pound/dollar exchange rate was down 0.1% at $1.2352.
Among crypto assets (virtual currencies), Bitcoin rose 3.6% to $66,384.
US Treasury yields rose sharply as interest rate cut expectations faded after the March consumer price index (CPI) announced earlier this month was higher than expectation With the strong labor market also supporting the economy, the market is focusing on economic indicators to determine the direction of the Federal Reserve’s monetary policy.
This week, GDP statistics will be announced on the 25th and Personal Product Expenditure (PCE) will be announced on the 26th. In addition, auctions will be held for two-year bonds ($69 billion) on the 23rd, five-year bonds ($70 billion) on the 24th, and seven-year bonds ($44 billion) on the 25th.
Gennadiy Goldberg, head of US rates strategy at TD Securities in New York, said the focus this week is on a series of government bond auctions and the release of GDP and PCE data later this week.
In late trading, the 10-year bond yield was 4.621%. The yield on two-year bonds, which easily reflects the outlook for interest rates, was almost unchanged at 4.971%.
The yield gap between 2-year and 10-year bonds remains steady at -35 basis points (bp).
S&P 500 index slips on expectations of delayed start of US interest rate cuts and tensions in the Middle East(.SPX)New Tabopens a new taband Nasdaq(.IXIC)New Tabopens a new tabThe stock had been declining for six days in a row, but it bounced back today.
All 11 major S&P 500 sectors rose, led by technology(.SPLRCT)New Tabopens a new taband financial stocks(.SPSY)New Tabopens a new tabThe increase was obvious.
Lamar Bieler, portfolio manager at Bieler & Co. in New Orleans, it was a buyback after the big selloff.
In terms of individual stocks, there is Alphabet, Amazon.com (AMZN.O) New Tabopens a new taban apple(AAPL.O) New Tabopens a new tabhas grown 0.5-1.5%.Nvidia(NVDA.O) New Tabopens a new tabincreased by 4.4%. It had fallen 10% the previous business day.
Tesla fell 3.4%. After the United States, the company reduced prices in China, Germany and other countries. A response to declining sales and increased price competition. See more
Gold prices fell for the first time in three business days on heavy selling as concerns about the spread of conflict in the Middle East eased. The settlement price (equal to the closing price) in the contract’s main month, June, was $2,346.40 per ounce, down $67.40 (2.79%) from the previous weekend.
As concerns about the tense situation in the Middle East changed, crude oil prices fell briefly to the $81 level early this morning. After that, buying was done with a focus on supply and demand factors, such as technical buying and expectations of tight supply this summer, and although there were times when the stock rose into positive territory , the rebound was limited. The exchange of retaliatory attacks between Israel and Iran has calmed down, leading to speculation that both sides are trying to end the situation. Concerns that conflicts in the Middle East will spread and disrupt crude oil supplies have subsided. It was also pointed out that some countries that are members of the Organization of the Petroleum Exporting Countries (OPEC) have sufficient production capacity and are able to deal with supply disruptions.
This is a provisional value based on LSEG data. The previous day’s ratio may not match
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2024-04-22 22:19:00
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Dollar Hits 34-Year High Against Yen Amid Fed Interest Rate Speculation – Market Watch