Ok, so we know that interest prices are slowly rising, inventory is declining and there are generally more buyers than sellers currently in the market. We’ve all heard that like, 15 times this week, yes? (Psst… If you haven’t yet – be sure to check out my latest clip from FOX News where I chat with Neil Cavuto about what this trend means for you. Check out that link here. )
Now, if you’re a homeowner in South Florida, like I am, you’re probably enjoying a nice little rise in your property’s value. In fact, according to NAR, the median home price for the Miami/Ft. Lauderdale metro area is up 23.1% from this time last year.
In fact, the majority of metropolitan areas in the third quarter experienced robust year-over-year price gains, with the national median price showing the strongest annual growth in nearly eight years, according to the latest quarterly report by the National Association of Realtors®.
This is great news for homeowners- maybe not so awesome for buyers. However, the slight decrease in home affordability means that things are going to cool off a bit in 2014, to allow the market to stabilize, and properties to appreciate at a steady rate.
However, even with the decrease in affordability, a companion breakout in that same report on income requirements to buy a median-priced home on a metro area basis shows most buyers can afford a home, but less so in pricier areas.
The five most expensive housing markets were the San Jose, Calif., metro area, where the median existing single-family price was $805,000; San Francisco, $705,000; Honolulu, $679,800; Anaheim-Santa Ana, Calif., $670,700; and San Diego, where the median price was $485,000.
The five most affordable metro areas were Toledo, Ohio, with a median single-family price of $87,500; Rockford, Ill., at $88,900; Decatur, Ill., $91,000; Ocala Fla., $103,600; and Topeka, Kan., with a median price of $106,900. To give you some context, the median home price in the Ft. Lauderdale/Miami metro area was $252,200.
However, don’t let reports like this one scare you into inaction – Whatever your real estate needs in 2014, you can trust that we posses the knowledge to make the market work for you. Contact us today for a no-obligation consultation and market analysis!
Tags: Downtown Fort Lauderdale, FOX news, housing market in 2014, inventory, luxury, Luxury real estate, news reports on housing market, purchase, Samantha DeBianchi, Sell, South Florida, Your World with Neil Cavuto