Florida has a severely limited 0.9-months’ supply of available home listings, condos at 1.2-months’ supply
According to recent global housing data released by Florida Realtors, the Florida real estate market continued to be hit by severe housing shortages in February, rising house prices, and property prices that pushed down sales and forced average prices to rise from a year earlier.
“Real estate data for February follows the same pattern we’ve seen for months: declining retail sales, rising consumer demand, and rising prices,” said Christina Pappas, vice president of Florida real estate companies in 2022, vice president of the Keyes family. Companies in Miami. “Real estate prices continue to be affected by the shortage of these things. If the houses are for sale, they will be signed earlier. The international agreement for single-family homes was 12 days in February compared to 21 last year in February.
Last month, sales of closed single-family homes across the country amounted to 23,661, down 1.2% from a year earlier, while sales of e-townhouses reached 10,975, up 3.6% in February 2021. -all together days after the sale of written contracts.
Chief Economist of Florida Real Estate Companies Dr. Brad O’Connor, the sale of a single-family home in the last four months has been the same as a year ago. However, according to historical estimates, retail prices will continue to rise sharply: total sales of private detached houses last month were 14% higher than in the previous two years.
He said: “Why are real estate sales slowing down? Many things are running out, but mainly because of our persistent shortage of real estate, as well as rising house and housing prices. There is no shortage of real estate. Buy every month. The problem is, “It’s going to happen overnight. As soon as possible.”
According to the Florida Department of Real Estate Research, which is affiliated with local boards/organizations, the average retail price of existing single-family homes was $ 381,481, up 21.1% from a year ago. Last month, the average price of apartment buildings was $ 290,000, which is 24.3% more than last year. Average is average; half of the houses are for sale as extensions, half cheaper.
Due to rising debt, inflation should eventually slow down, said Dr. O’Connor. “Sales growth may also be delayed. Newly expected sales of existing single-family homes fell 12.6% in February, while new sales of apartment buildings fell 17.1%, which may indicate that they have already started. If so,” we should expect next month’s sales to remain below last year’s level, but still above pre-pandemic levels. It’s hard to predict. ”
He added: “The crystal moon is still dark, but now our first expectation is that the price of marijuana will stabilize the market during the year. Forecasts from pre-pandemic 2018 and 2019.
“Thus, although we have a decline in sales volume, we still expect the selling rate of the dollar in 2022 to be the same as last year. The selling rate of the dollar in February increased by 15.5% year on year.
On the market side, the distribution of shares (valid items) continued in February. Available single-family homes were strictly limited to 0.9 months, while the rental price of apartment buildings was 1.2 months.
According to Freddie Mac, the interest rate on 30-year-old fixed income reached 3.76% in February 2021, which is higher than the average of 2.81% in the same month last year.