Report: Low inventory not enough to hold back strong Florida market

Sales and median home prices both increased to close out 2017, according to the latest report from Florida Realtors. 

“Florida’s economy is growing, the jobs outlook remains strong and more people are moving to the Sunshine State,” said 2018 Florida Realtors President Christine Hansen. “And while mortgage interest rates are rising, they are still at favorably low levels. All of these factors are positive signs for the state’s housing market in 2018.”

Statewide sales reached 271,868 in 2017, up 1.2 percent from 2016, according to the new report. Meanwhile, the median price spiked 8 percent in 2017 to $237,500.

Among other key findings in the 2017 housing report include: 

• Pending sales for existing single-family homes rose 2017.
• Inventory for single-family homes reached a 3.6-months’ supply.
• The interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent.

While overall sales were somewhat restricted due to nagging low inventory that plagues much of the country, the resiliency demonstrated among markets statewide at the end of 2017 sparked optimism from Florida Realtors. 

“The fourth quarter figures show that the vast majority of Florida’s local housing markets recovered quite quickly from Hurricane Irma,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Closed sales were up year-over-year, and prices continued to climb as if nothing happened at all. Inventory continued to fall in the fourth quarter as well, so the longer-term trends in the housing market as of the beginning of 2017 appear to have remained in place at year’s end.”

(https://miamiagentmagazine.com/2018/02/15/report-low-inventory-not-...).