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.
No more investors! 1/3 of Jax homes are already rentals owned by out of state investors/hedge funds. Very bad for future prices.
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