Mortgage Rates Decline, but Median Home Prices Rise in June 2024
At the national level, housing affordability fell modestly in June compared to the previous month, according to NAR’s Housing Affordability Index. The monthly mortgage payment increased by 1.0% compared to the prior month, while the median price of single-family homes increased by 2.4%. The monthly mortgage payment increased by $23 from last month. Compared to […]
Florida is Top Destination of Out-of-State Movers in 2023
Florida is Top Destination of Out-of-State Movers in 2023 By Gay Cororaton, MIAMI REALTORS Chief Economist Florida topped all states with the most out-of-state movers in 2023, according to MIAMI’s analysis of the US Census Bureau’s 2023 State-to-State migration data. In 2023,there were 636,933 people who lived in Florida who had resided in […]
Miami-Dade County’s Out-of-State Driver License Exchanges in 2024 Q1-Q3 are Up 20% from Pre-Pandemic Level
By Gay Cororaton, MIAMI REALTORS Chief Economist Miami-Dade County is continuing to experience sustained migration in the first three quarters of 2024 using driver license exchanges as a migration indicator, according to Miami Association of REALTORS® (MIAMI) analysis of Florida Highway Safety and Motor Vehicles data. Driver license exchanges reflect the strength of […]
Southeast Florida’s Single-Family Market Poised to Grow 10% in 2025 as Mortgage Rates Decline to 5% by End of 2025
By Gay Cororaton, MIAMI REALTORS® Chief Economist MIAMI REALTORS® expects Southeast Florida’s single-family home sales to continue to perform strong in 2025, prices to continue to appreciate, and market conditions to become more competitive as mortgage rates continue to head downwards to 5% by the end of 2025. Here are our key projections: […]
Miami-Dade County Job Creation Outpacing the National Rate
By Gay Cororaton, MIAMI REALTORS Chief Economist Miami-Dade County Job Creation Outpacing the National Rate This week, the Bureau of Labor Statistics released state-level data on August employment and July job openings. The data shows that Florida tops all states with the largest number of job openings where there are more job openings than […]
South Florida Homes Continue to Sell Faster than Pre-Pandemic Era
By Gay Cororaton, MIAMI REALTORS Chief Economist Southeast Florida Housing Metrics July 2024 While homes are staying on the market longer compared to one year ago, properties are still selling faster compared to 2019 in Southeast Florida. In July 2024, single-family homes were typically on the market for about a month in Miami-Dade (29 […]
South Florida Single-Family Homeowners Boast $500,000+ in Home Equity, Condo Owners $200,000+ Since 2009
By Gay Cororaton, MIAMI REALTORS Chief Economist Southeast Florida’s robust housing market has created wealth for homeowners in all municipalities and in unincorporated areas (with at least 15 sales per quarter) since the Great Recession. In the Miami Metro area, homeowners who purchased a single-family home at the median sales price in 2009 […]
Pet-Friendly Multifamily Rentals Typically Rent Out for More and in Faster Time
By Gay Cororaton, MIAMI REALTORS Chief Economist During the pandemic, about one in five households or an estimated 23 million households adopted pets. However, pet adoption is waning, resulting in overcrowding in pet shelters. In Miami-Dade County, overcrowding has reached a crisis level such that the county was forced to close its animal shelters […]
Cash Buyers Prop Up Sales in the Jupiter-Tequesta-Hobe Sound Market Area in the First Half of 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist JTHS – Jupiter-Tequesta-Hobe Sound Market Report During 2024 Q2,the dollar volume of homes sales in the JTHS Market area totaled $1.66 billion, down 9% from the same quarter one year ago. However, dollar sales volume rose 1% in the first half of 2024 to $2.92 billion. The […]