Real estate in Florida is encountering an upswing. According to Florida Realtors® data, October witnessed a higher inventory, greater median prices and more closed sales.
This is not just specific to Florida however. Indeed, as Sherri Meadows, President of Florida Realtors® and Keller Williams, the firm’s CEO and team leader pointed out:
“October marks the 35th month in a row that statewide median sales prices rose year-over-year for both single-family homes and townhouse-condo properties. The state’s housing market continues to benefit from more people moving to Florida, a steadily improving jobs outlook and growing economy.”
As well, in other news, a different report by Interest.com found that the South Florida market is one of the “least affordable in the nation.” The study investigated the 25 largest metro markets and South Florida came in very close to the bottom, at 21. It was found that a South Florida home had a $270,000 median price. That, taken with high insurance and property taxes, made the prospect of purchasing a home very challenging for many working families.