At least that’s what it seems like. The National and Florida number are out for November and they indicate a strong market. Nationally, home sales in the US are at their strongest pace since December 2006. Other interesting numbers. The median home price was up almost 6% from a year ago. Total inventory nationwide is 1.67 million units. That sounds like a lot BUT it’s actually down almost 10% from a year ago. There is a 3.4 month supply of inventory at the current sales pace. Anything under 3% is considered an under supplied market and we’re not too far from that now.
So how is Florida doing? Glad you asked! Home sales were up 1.3% compared to November 2016. Hurricane Irma contributed to the low sales numbers. The good news is more people are listing their properties. Single family listings were up almost 2% and condo listings were up almost 6%. The overall number of available single family properties is still tight however. Single Family homes prices rose at a rate of just over 9%. The median condo price also rose 8.6%. The For Sale inventory is only 3.8 months for single family homes, which is on the low side and 5.7% for condos which is slightly on the high side.
So the market continues to chug along. There are a couple of storm clouds on the horizon. First, interest rates are scheduled to rise some more in 2018. Second housing prices are rising faster than wages. Whether the storm clouds bring rain we’ll just have to see.
Don't let Santa put coal in your sticking. If you are thinking for buying or selling call me today!
Thanks for reading and Happy Holidays.
Gary Benson, EcoBroker, SFR
Exit Realty Premier Elite
Author:Gary Benson Phone: 561-445-2331 Dated: December 21st 2017 Views: 96 About Gary: ...
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