June 2014 has been a decent month for South Florida housing market. It saw an increase in sales of homes and not without sacrificing prices. Instead, the prices for homes increased by a good margin.
In Broward Couny, the single family homes were sold for $280000 which is a 6% increase from last year. On the other hand, by June 2014, approximately 1425 homes were sold which is a 5% increase from June 2013. The scenario is almost same in Palm Beach County. In accordance with the data provided by Realtors Association of the Palm Beaches, transaction took place for 1636 homes which is an increase by 22% from last year.
Despite such increases, some investors are not happy. Because, they bought homes in the two counties when the housing market was bullish two years ago. Because of high demand of homes and lack of homes ready for sale contributed to increasing the home prices by more than twenty percent last year. So, those who bought last year or the year before last year are not naturally happy to witness a slow increase of home prices. It is thought that the current trend of slow increase of prices will continue until 2019.
It’s a fact that some people are not happy with the current trend of the South Florida housing market. But the overall condition of the market is not that bad. In fact, slow growth of any market is a good thing for most of the investors. Economy, wages, incomes and expenses all these things are interrelated. When the prices of something go sky high, the economy cannot cope with that. Therefore, positive continuous growth (even if it’s slow) for a long time along with stable economy is what is more important than any sudden or unexpected growth within a short period of time.
To conclude, Florida housing market is more matured than ever. Volatile condition of pricing is over and it’s now quite stable. As a result, it is attracting both investors and clients which is a must for the best housing markets.