Florida Tops the List of Most Desirable States as Americans Seek Sunshine, Safety, and Affordability

In July, the National Association of Realtors' Pending Home Sales Index (PHSI) declined by 5.5%, marking the lowest index level in 23 years. The drop, attributed to concerns over high prices and the upcoming U.S. presidential election, affected all regions, with the Midwest and South experiencing the largest decreases. Economists highlighted that the impact of job growth and increased housing inventory was not enough to offset affordability challenges, keeping many potential buyers on the sidelines. Despite some recent improvements in mortgage rates, pending home sales are unlikely to rebound until there are more substantial declines in home prices and rates. Many buyers, particularly those with stretched household incomes, remain unable to participate in the market. The ongoing struggle with affordability suggests that even further drops in mortgage rates may be necessary to stimulate significant demand and sales growth.

Election Uncertainty and Affordability Concerns Drive Pending Home Sales to a New Low in July

In July, the National Association of Realtors' Pending Home Sales Index (PHSI) declined by 5.5%, marking the lowest index level in 23 years. The drop, attributed to concerns over high prices and the upcoming U.S. presidential election, affected all regions, with the Midwest and South experiencing the largest decreases. Economists highlighted that the impact of job growth and increased housing inventory was not enough to offset affordability challenges, keeping many potential buyers on the sidelines. Despite some recent improvements in mortgage rates, pending home sales are unlikely to rebound until there are more substantial declines in home prices and rates. Many buyers, particularly those with stretched household incomes, remain unable to participate in the market. The ongoing struggle with affordability suggests that even further drops in mortgage rates may be necessary to stimulate significant demand and sales growth.

New Children’s Museum to Bring STEAM and Imaginative Play to Brevard County

Brevard County will soon welcome the Museum of Imagination, a new children’s museum focused on STEAM (Science, Technology, Engineering, Arts, and Mathematics) activities and imaginative play for kids up to age 13. The museum, spearheaded by local resident and business owner Jacqulyn Baxter, aims to fill a gap in the area by providing fun, educational, and affordable experiences for families. Currently, parents in Brevard County often have to drive over an hour to access similar resources, making the Museum of Imagination a much-needed addition to the community. Located at 520 S. Plumosa St. in Merritt Island, the 4,000-square-foot museum will feature interactive exhibits, including a STEAM activity area, imaginative play zones like a grocery store and doctor’s office, and outdoor spaces focusing on nature and environmental learning. The museum is also expected to host field trips, community classes, and other events. With a projected opening in early 2025, the museum plans to offer annual passes and affordable admission, and Baxter is actively seeking community input to help shape the exhibits and experiences offered.