After two months of year-over-year declines, single family housing sales in the tri-county South Florida region came back in November 2016 strongly, as follows:
November Sales Median Price
2016 % increase Median Price % increase
Miami-Dad 1,025 13.0% $310,000 13.0%
Broward 1,257 7.0% $318,000 10.0%
Palm Beach 1,225 6.0% $300,000 4.0%
The number of listings is still low, overall; however, in both Miami-Dade and Palm Beach counties, available listings rose in November by 8.0% and 7.0%, respectively. In Broward county, the number of available listings actually declined 10% from the year-ago period. The Florida Realtors organization opines that the increase in the number of sales in November was likely due to the rate increase by the Federal Reserve. While this long anticipated increase didn't directly affect mortgage interest rates, it is believed that, eventually, future increases will push mortgage interest rates higher. As such, buyers on the fence opted to lock in their rates and purchase.
Not surprisingly, homes that are priced right for their condition and competition are selling quickly, while anything overpriced stays on the shelf. While state and local real estate observers generally agree that the market is healthy overall, higher housing prices have very likely priced many first-time buyers out of the market.
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