Single-family listings, home price increase in Florida Single-family listings, home price increase in Florida

Single-family listings, home price increase in Florida

Wednesday, May 16, 2018

An increase in new single-family home listings did not correlate to lower home prices in Florida, according to Florida Realtors.

Inventory crept up in the first quarter of 2018, when 96,281 homes were listed, a 1 percent increase over the same time last year. Increases in inventory levels are generally regarded as good news for an industry that has faced historically low inventory, but not all increases are the same.

Whereas the state is in dire need of available starter homes, most of the increases in inventory have come in the more expensive markets.

“At the more affordable end of the pricing spectrum, Florida’s strong employment growth and the long-awaited emergence of the millennial buyer have increasingly driven demand – but there also remains a sizable contingent of investors in this segment who are looking to capitalize on high rents,” Florida Realtors Chief Economist Dr. Brad O’Connor said in a statement. “It’s the lack of both existing and new inventory in these price ranges that is really limiting this segment’s potential and keeping sales growth down.”

The slight bump in inventory did not translate to a decrease in home prices in the first quarter, however. The statewide median sales price for a single-family home was $248,000, up nearly 10 percent compared to quarter one of 2017.

Closed sales were nearly identical in the two quarters: 60,204 homes were sold in the first three months of 2018 compared to 60,733 in the first three months of 2017.

Security Code:
Confirm Security Code:
Wednesday, May 23, 2018

Six Surprising Retirement Tren...
Tiny homes. Rockin communities where Jimmy Buffet is your spirit animal. Rockin a strenuous ...

Remodeling Your Home Office To...
Working from home is both a luxury and a curse. Sure, you dont have to fight with traffic or...

Copyright ©2018 - Realty Times®
All Rights Reserved.

The 5 Miami neighborhoods with the lowest single-family supply
Total home sales declined by 7.5 percent in the first quarter of 2018 when compared to...

What $200,000 will get you around America
It’s no secret that some cities compared to others have larger asking prices for...

Record breaking Miami Beach penthouse sells at $26 million
Miami’s most sought after penthouse located in the South of Fifth neighborhood has...