High demand for homes in Florida became evident after a 2% increase in single-family home sales in July. This is according to Florida Realtors.
Buyers acquired more than 24,500 units during the month. The median price is $240,000, which rose 7.1% since July 2016. Despite the increase in sales, the market continues to have a low supply of available homes for sale.
Supply and Demand
If you’re looking to sell homes in exchange for a profit, the numbers of July may encourage you to do so. Sellers may find it faster to offload properties. Pending home sales increased 3.3% in July for single-family units and 3.6% for condominium-townhouse units. You can take advantage of a fast turnaround time for selling a home by improving it. Home improvement experts from Authentic Provence suggest adding Italian garden planters or something more prominent.
Tight competition among buyers serves as another reason sellers should consider home renovations. Properties in the lower price range particularly gain a lot of attention from them.
Despite the increase in home values in July, the price movement in South Florida during the previous month relatively was slower than other major markets in the US. The S&P CoreLogic Case-Shiller index recorded a 5% year-over-year increase in prices. This is in Palm Beach, Broward and Miami-Dade counties for June.
The index tracked 20 major markets nationwide. It also showed that South Florida only recorded higher price increases than Cleveland, Washington, D.C., Chicago and New York. The market in Seattle posted the biggest increase (13.4%).
Florida’s residential property market remained strong in July despite slow price movement in some areas. The continued strong demand for homes will likely drive more sales in the future.