Consistently excellent performance – something every individual, business and economy strive for. Well, Florida real estate has delivered just that. In the face of meager wage growth, inhibiting increased consumer spending, the state’s real estate market continues to improve. For the 33rd consecutive month we’ve seen median prices, in both condos and single-family homes, rise. According to data collected by Florida Realtors, August home sales rose 4.2 percent in August over the same period a year ago, while prices continued to push forward at a rate of 3.4 year over year.
The median sales price for a single-family home for the period was $181,000 according to research conducted by Florida Realtors Industry Data and Analysis. This makes the state’s real estate cheap relative to some of its national competitors. Data compiled by the National Association of Realtors shows that the national average was $223,900, while real estate in states like California, Massachusetts and Maryland reached levels of $464,750, $360,000 and $278,626 respectively. Florida Realtors Research Economist Dr. Brad O’Connor is encouraged about the data stating that, “In August, the annual growth rate of Florida home prices continued to converge toward a level typical of what we observed back in the housing market’s stable, pre-boom days.” Continuing to assist real estate markets nationwide are low interest rates, which, as was discussed earlier in the week, seem like they’ll remain low in to 2015. According to Freddie Mac, 30-year-fixed-rate-mortgages had an average interest rate of 4.12 percent in August, down almost half a percent from 2013.
It seems as though the Sunshine state’s properties are still undervalued when looking at the national average. Areas like Miami have seen strong price growth in recent years, but continue to be a deal. If you had been thinking of looking at Miami Homes for Sale, now would be a great time to schedule a viewing with a Miami Real Estate Agent to get an idea on value and lead to further thought if now is the time to buy.