Florida’s home sales boomed in September
Bottom Line: The combination of near record low mortgage rates, record high employment and wages along with Florida’s desirability drove sales to new records in September. Statewide home sales jumped 11.5% over 2018 with prices rising 5.3% to a median price of $265,000. In South Florida, it was a different version of a similar thing according to the report from the National Association of Realtors.
In the Miami, Fort Lauderdale, West Palm Beach metro, here’s the scorecard for the month:
- Sales: +9.5%
- Prices: +5%
- Median price: $367,500
South Florida’s growth, while slightly trailing the state averages, is more impressive on an absolute basis with median home values more than $100,000 above the statewide average. The only metro with higher sales and prices than our metro is across the coast in Naples. This also serves as another reminder for renters who’ve considered buying. Hint, you should be buying if you intend to remain in South Florida for at least three years. Price increases are only likely to continue to be driven by these factors with mortgage rates staying low. Additionally, Florida’s economy remains strong – along with no sign of a slow down in people looking to come our way from across the country.