Categorized | Residential

Housing Market in Florida on the Rise

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The residential real estate market of Florida continues to show signs of recovery. While the rest of the nation continues to struggle through inconsistent performance, the Florida market has greatly benefitted from the combination of record low interest rates and declining inventory numbers.

 

The Florida housing market had been boosted by the city of Miami over the last twelve to eighteen months, though the state has now shown remarkable improvement as a whole. For example, the city of Fort Lauderdale has seen sales figures for single-family homes jump nearly thirty percent. Sales for townhouses and condos are also up nearly twenty percent.

 

The median price for homes across the state is up more than ten percent from last year. The median price for condos and townhouses is up more than twenty percent from last year as well.

 

With inventory levels shrinking, and prices starting to increase, more potential buyers are entering the market for the first time in hopes of catching the market on its way to recovery. If the current trends continue, the Florida housing market may pace the recovery for the rest of the United States.

 

While declining inventory levels are playing a major role in the recovery process, the low mortgage rates are also a major contributing factor. The rates are down nearly one percent from one year ago, making now a more affordable time than ever to buy a home. While many states have seen a rise in sales, home prices have generally fallen. However, Florida has bucked that trend, with sales and prices both increasing over the past few months.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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