Home sales continue to skyrocket in South Florida as well as other areas of the United States. This is true even as residential real estate agents and buyers are complaining about not seeing many houses being listed for sale. Broward County, in particular, totaled more than 1,700 sales in June – an increase of 21 percent from the year before.
The number of single-family homes sold in Broward County this past June is the biggest number seen in one month since 1993. The median price of a home in June was a little over $302,000. This is an 8 percent hike from the year before and is the highest price since 2008.
Palm Beach County had just over 1,900 sales during the same time period – a whopping 16 percent higher compared with the previous year. This is also the most sales in a month's time since 1993. The median price for homes in this Florida county was $305,000 -- an increase of 3 percent over June of last year. Nationwide, the median price for homes in June was over $236,000, with home sales rising faster than it has in the past eight years.
Some of the biggest reasons people have been purchasing homes, especially in the past four months, is because they are eager to locate homes and then move in prior to the start of school in August. The fact that accessing financing has become easier and that consumer confidence has been boosted is also contributing to the surge in home sales. The current residential real estate market environment is ideal not just for buyers but also for sellers, who would be wise to take advantage of the current demand for single-family homes. Making a mistake during a transaction, however, may cause a real estate deal to fall through. An applied understanding of the law may help people to successfully close on residential properties in Florida.
Source: sun-sentinel.com, "Housing market: Home sales, prices rise in Broward", Paul Owers, July 22, 2015