The latest quarterly report by the National Association of Realtors (NAR), released November 12, 2015, asserting that median prices for existing homes in metropolitan areas continued to climb in the third quarter of 2015, but at a healthier pace that could entice more homebuyers into the market.
"Many of the metro areas with the fastest price appreciation over the past year were in the South — particularly in Florida," says Lawrence Yun, NAR chief economist. The economist stated that Florida, in particular, had some of the strongest price appreciation. Yun stated without question the housing market had its best quarter in nearly a decade. "The demand for buying, picked up speed in many metro areas during the summer as more households entered the market, encouraged by favorable mortgage rates and improving local economies," Yun also said, "A combination of solid job gains, above average shares of vacation and foreign buyers and little new construction being added was behind these areas' faster price growth."
The average price for an existing single-family home in the third quarter rose in 87% of the metropolitan statistical areas surveyed by NAR, compared with the same period last year. It is predicted that the fourth quarter of 2015 will be stronger than the third quarter in part because mortgage rates are rising.To discuss the state of the current housing market specific to South Florida, please contact the real estate specialists at Waterfront Properties and Club Communities at INFO@wfpcc.com.