New York, California and Texas: Top States Moving to Miami in 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist New York, California, and Texas were the top origins of people who moved to Miami-Dade County in 2024, using driver license exchanges as an indicator, according to Miami Association of REALTORS® (MIAMI) analysis of Florida Highway Safety and Motor Vehicles data. New residents must exchange their out-of-state […]
South Florida Million-Dollar Home Sales Continue Gaining Larger Market Share
By Gay Cororaton, MIAMI REALTORS Chief Economist Sales of million-dollar homes purchased by cash buyers continued to gain market share in 2024. Million-dollar sales accounted for the largest share of sales in Palm Beach County, at 24%, and in Miami-Dade County, at 23%. Back in 2019, million-dollar sales accounted for just 7% of sales […]
Southeast Florida’s Economic Growth Outpaces the Nation
By Gay Cororaton, MIAMI REALTORS® Chief Economist The latest available data on county-level gross domestic product (GDP[1] shows the robustness of Southeast Florida’s economy, expanding at a faster pace in 2023 than the national rate and compared to the pace in 2019 (pre-pandemic year). GDP rose at the strongest pace in Martin County […]
Southeast Florida’s Rental Demand is Poised to Strengthen in 2025
By Gay Cororaton, MIAMI REALTORS® Chief Economist Southeast Florida’s rental demand is likely to strengthen in 2025 as mortgage rates remain elevated and with the area continuing to see sustained migration from high-cost states and solid job growth. MIAMI Realtors® expects the 30-year fixed mortgage rate to average 6.8% in 2025 as the […]
2024-2025 Southeast Florida Housing Outlook: Modest Price Appreciation Amid Elevated Mortgage Rates
By Gay Cororaton, MIAMI REALTORS Chief Economist Mortgage rates are likely to remain elevated at 6.8% in 2025 as the Fed adopts a cautious stance due to potential inflationary pressures. MIAMI Realtors® expects mortgage rates to remain elevated in 2025, with the 30-year fixed mortgage rate averaging 6.8% in 2025. The forecast is […]
Southeast Florida’s Record Home-Price Appreciation Yields Significant Wealth Gains for Homeowners
By Gay Cororaton, MIAMI REALTORS Chief Economist Southeast Florida’s strong home price appreciation since the Great Recession has resulted in significant wealth gains for homeowners. Single-family homeowners who purchased a home 15 years ago in 2009 Q3 at the median sales price in Southeast Florida expect about half a million in home equity […]
Southeast Florida’s Multifamily Outlook is Strong Despite Rent Decline in October 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist Asking rents on 2-bedroom multifamily units in Miami-Dade County decreased in October 2024, but the multifamily market outlook remains fundamentally sound and strong due to solid job growth, lower cost of renting compared to owning, and Southeast Florida’s cost advantage compared to gateway markets. In October, the […]
Million-Dollar Homes Accounted for 30% of Home Sales in the Jupiter-Tequesta-Hobe Sound Area in 2024 Q1-Q3
By Gay Cororaton, MIAMI REALTORS Chief Economist With mortgage rates remaining elevated and with home prices continuing to appreciate, million-dollar home sales accounted for a larger share of the market in the Jupiter-Tequesta-Hobe Sound (JTHS) market area. The share of million-dollar homes sold in 2024 Q1-Q3 rose to 30% from 26% during the same […]
$4.8 Billion in Miami-Dade Commercial Sales Through 2024 Q3
Miami Dade Commercial Report 2024 Q3 By Gay Cororaton, MIAMI REALTORS Chief Economist Commercial real estate investors closed $4.8 billion in commercial real estate sales deals in Miami-Dade County in the first three quarters of 2024. Amid a still challenging investing landscape of high borrowing costs and tight underwriting, investors honed in on […]
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 […]