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.

 
LEAVE US A COMMENT:
Name:*
Email:*
Url:*
Comment:
 
Security Code:
Confirm Security Code:
Saturday, October 20, 2018

Renovating With Your Kids: Pro...
But there are several tasks they can do with supervision, and a few they might be able to ha...

The Race to Build Canadas Best...
The race to build the best real estate listing website in Canada is now entering the final l...

Copyright ©2018 - Realty Times®
All Rights Reserved.

Homeownership a higher priority for millennials than travel, marriage, children
Homeownership is the biggest priority for millennials, according to the latest Bank of...

Miami leads the US in foreign-born homeownership rate
The United States currently has the highest percentage of immigrants since 1910 with 13.7...

Miami leads the US in foreign-born homeownership rate
The United States currently has the highest percentage of immigrants since 1910 with 13.7...