According to latest data from Black Knight, Inc. that recently published a report on the number of new mortgages, the US market of residential properties is beginning to revive.
The situation in Florida, however, remains uncertain. The Miami – Fort Lauderdale – West Palm Beach metropolitan area rose slightly in the ranking of locations by the number of new mortgages, reaching the 9th place. The Tampa – Saint Petersburg – Sarasota metro area, though, dropped from the 15th to the 16th place, while the Orlando – Sanford area fell out of the top 20 altogether.
One of the potential obstacles preventing the residential real estate market of Miami from rebounding is the growth of house prices in February 2023—the highest in the USA. In March, the value of residences in this city rose by 43%, which considerably surpasses the nationwide average of 30%.
Despite some signs that promise hope, real estate experts are cautious due to the persevering economic problems, such as the high inflation, stratospheric interest rates, geopolitical uncertainty, and a fear of a downturn. The limited supply of properties listed for sale also causes prices to remain high, and young people buying their first home are facing significant challenges.