Florida real estate sales and median prices were up in August, according to the most recent data by Florida Realtors. Closed sales of single family homes was up 8.2 percent from August 2015. A lack of inventory is most likely the main cause of rising prices.
“A continued lack of inventory – particularly in the mid-$200,000 and under range – is creating obstacles for many buyers who are trying to enter Florida’s housing market,” said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Rising median prices also may be an inhibiting factor for these would-be homeowners; however, the uptick in prices could persuade sellers that now is the time to list their properties for sale, which in turn may help ease the tight supply in many areas.”
Despite rising prices, people are still buying! Florida real estate sales were also up this past August.
“Closed sales of single-family homes in Florida were up by 8.2 percent year-over-year in August, effectively erasing all of the losses from July,” said Florida Realtors Chief Economist Brad O’Connor. “August’s gains were broad-based, with 20 of Florida’s 22 metro areas experiencing a year-over-year increase in sales. However, a single month’s worth of data is rarely enough information to make assertions about a market’s direction.
“In the present case, it’s possible that a number of sales that might ordinarily have occurred in July were pushed back into August. Basically, if you consider the data over July and August together, the net growth rate continues the trend we’ve been seeing all year of slow but positive growth in the single-family market.”
The Florida real estate market is strong, as indicated by this recent data from Florida Realtors. If you are a home seller or buyer in Miami, please reach out to our RE/MAX Paradise agents today who can assist you through this exciting process!