This summer, prices of residential property peaked in more than two dozen US states. Now the prices are gradually beginning to decline but this trend does not include South Florida at the moment.
A July review of house prices conducted by the Florida Atlantic University and the Florida International University shows that many cities where the property value reduced are situated in western states, including California, Colorado, Oregon, and Utah. No Florida city made it to the list of 27 cooling markets.
South Florida, which includes Palm Beach, Broward, and Miami Dade Counties, has enhanced its positions in the American real estate market over the past months. It is number 38 out of 100 largest markets in the USA.
In July, the average price of a South Florida home was $467,759, while the expected value was only $339,742. This suggests that buyers paid approximately 38% more than they expected based on the long-term pricing trends.
“We are progressing very quickly,” Ken Johnson, Economist at the Florida Atlantic University, says. “Our prices may decline a little, but with the local residents’ income, people still won’t be able to afford housing.”
Florida communities currently offering the most affordable residential properties include Fort Myers, Lakeland, Tampa, Sarasota – Bradenton, Melbourne, and Daytona Beach.