South Florida's residential real estate market is still hot

South Florida's residential real estate market is still hot

Florida’s blazing housing market experienced a cool-down between April and June. However, the state’s market remains relatively strong when compared with markets in other parts of the country. South Florida, in particular, is looking promising in the residential real estate market.

Single-family homes in the area of Fort Lauderdale and Miami had a median price that rose more than 7 percent earlier this year from the year before, jumping to $270,000. Last year actually saw higher price spikes in the double digits. However, even though this year’s second-quarter spike was only in the single digits, it is still outpacing national price increases.

The median home price for single-family homes nationwide rose a little more than 4 percent to over $212,000 from last year during the April to June period. This was much slower than the more than 8 percent increase that took place during the year’s first quarter nationwide. Growth has slowed down since 2012 in light of the current rate of wage growth and inflation.

Economists say that even though growth is slower in the United States overall, it is still healthy. Homeowners may continue to steadily build equity in their homes, and buyers have more choices as a result of increased supply combined with moderate price increases. The challenge for many buyers and sellers is overcoming the hurdles that often accompany real estate transactions of varying complexity. An applied understanding of residential real estate law may help both buyers and homeowners to successfully execute deals in Florida.

Source: miamiherald.com, "South Florida home prices rising more slowly", Martha Brannigan, Aug. 12, 2014

Source: miamiherald.com, "South Florida home prices rising more slowly", Martha Brannigan, Aug. 12, 2014