Jacksonville tops list of pending home sale cancellations, but investor interest remains high - Jacksonville Business Journal

More new home sales agreement fell apart in Jacksonville than in any other major city in the country in October, but investor purchases remain high, according to a pair of reports from national real estate brokerage Redfin Corp.

The surge in cancellations is being seen across the Sun Belt, as hot markets are cooling off, giving buyers cold feet: Jacksonville was followedby Tampa, which saw 26.7% of purchases fall through, and then San Antonio , Atlanta and Las Vegas . “The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis,” Redfin Economics Research Lead Chen Zhao said in a statement. “There are already early but promising signs that inflation is cooling, which caused mortgage rates to drop last week. If that progress continues, buyers who recently backed out of deals may return to the market and sellers may be less inclined to slash their prices.

That's in line with Sunbelt trends as well: Investors make up a large share of the market in Miami , Atlanta , Las Vegas and Orlando .While investor market share is highest in Jacksonville, investors bought 31.9% fewer properties than they did a year earlier, Redfin said.“Almost all of my listings right now are people looking to sell investment properties or second homes,” Kruayai said.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Southside Jacksonville Wawa receives construction permits - Jacksonville Business JournalSouthside Wawa receives permits as chain hits double digit locations
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville office sector: City benefits from multiple relocations - Jacksonville Business JournalExperts say companies will spend a lot of time reevaluating their office space needs going forward.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville University partners with LECOM to launch city's first four-year medical school - Jacksonville Business JournalThe school will be housed in a newly built facility complementing the university's growing cluster of health care programs.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville tops list of pending home sale cancellations, but investor interest remains high - Jacksonville Business JournalAlthough investors make up a large part of the Jacksonville market, that activity is down from the past. No more investors! 1/3 of Jax homes are already rentals owned by out of state investors/hedge funds. Very bad for future prices.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Why the nation's largest medical school wanted to come to Jacksonville - Jacksonville Business JournalHere's the details on the new school, a milestone both for Jacksonville University and the city.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Industrial demand high in Jacksonville though investors wary of economy, experts say - Jacksonville Business JournalIndustrial space has been a thriving market in Jacksonville in terms of transactions though space is in short supply heading into 2023.
Source: JaxBizJournal - 🏆 599. / 51 Read more »