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 […]
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 […]