Home prices have been climbing for months now. Real estate prices continue to increase mostly because of tight supply along with high demand. However, many cities saw that their housing inventories increased from a year ago, wrote USA Today. According to Trulia, a real estate research firm, real estate inventory rose in 21 out of the 100 largest markets in the United States. Six metro areas saw an annual increase of over 20 percent, including Miami. This means that the housing shortage in Miami is easing, great news for home buyers in the city.
“My belief is this is the start of a turnaround in inventory in the U.S.,” says Trulia Chief Economist Ralph McLaughlin.
Fort Myers, Miami, Las Vegas, Fresno, Calif., Sarasota, Fla. and Oklahoma City were the other metro areas that saw an annual increase over 20 percent. However, nationally, housing inventories fell 10.1 percent from a year ago. NAR Chief Economist Lawrence Yun said that these numbers made this past August the lowest August stockpile since 2004.
Due to short supply in many markets, prices were pushed up.
“The median existing home price was $240,200 in August, up 5.1 percent the past 12 months, the Realtors group said,” USA Today wrote.
While much of the country is still trying to catch up to the high demand in real estate, at RE/MAX Paradise we are excited to see that Miami saw an impressive annual increase of home supply. If you’ve been looking for a home in Florida, this information should tip the scales in Miami’s favor. With the housing shortage in Miami winding down, more supply of homes means more options for you. RE/MAX Paradise has many amazing homes available, from condos to single-family homes in all different areas of the city. Check out all that the city has to offer, and contact one of our agents today!