Florida Real Estate News gives their highlights of the year 2015 below. We highlighted 3 main topics ranging from how the market has been to next year's forecast. To read more on the rest of this article click on the link below.
"The Market" It's Back
As a state famous for investment homes and international sales, Florida tends to be hit hard by recessions and blessed by economic booms. In 2015, it was the latter. According to Freddie Mac's latest Multi-Indicator Market Index – a measurement of state and local markets' strength – Florida's real estate rebound led the nation, with Orlando the top U.S.. rebound city. In the October 2015 housing report released by Florida Realtors, single-family home prices rose 12.4% year-to-year.
Time to buy – but what?
Homebuyer demand continues to rise from millennials to baby boomers, but there's a problem: Buyers can't find enough homes for sale. Overall, Florida's tight inventory of for-sale homes last year (5.4-month supply in Oct. 2014) was below the six-month supply economists generally consider a balanced market – and it grew even tighter this year (4.4-month supply in Oct. 2015). Why? Some underwater owners still can't sell; some boomers are staying put; and some investors scooped homes in the lower-price categories, leaving today's first-time buyers struggling.
2016 real estate forecast
Florida's 2015 real estate rebound "outperformed the nation as a whole," according to Florida Realtors Chief Economist Dr. John Tuccillo. While the state ended the year "catching its breath after a very hectic late summer and early fall," Tuccillo predicts that 2016 will continue to "settle down" as sales and home values rise – but at a less hectic pace."
To read more on this article click here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=331842
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