The Florida property market continued its path to full recovery during the third quarter of this year. Sales and median prices rose across the board while inventory listings and supply fell, indicating the new property reality – Florida is moving towards a seller’s market.
A recent report into the US property market faces 3 Florida metro areas in the top five hottest spots for property investment. Orlando, Fort Lauderdale and Palm Beach County dominate the listings compiled for this autumn. Other Florida metros such as Miami, Tampa and Jacksonville also rank in the top 20.
After an excellent year with a dynamic market and rising prices, US property is looking forward to further growth and excellent investment returns in 2016. Next year will see the consolidation of smaller urban markets as a preference among buyers and residential property as the best option for investors.
Buying a property in the US is at its most affordable for two years despite rising house prices. Counties with the most affordable property include several in the Midwest and some analysts describe now as a “historic time” to buy Florida property.
Yet again Florida ranks as the top state for international buyers. One of four foreigners buying US property chose the Sunshine State. Apartments were the preferred type of Florida property for the international investor.
Latest figures for Florida property show a market that is continuing to forge ahead. The month of August saw more sales, higher median prices for both single family homes and townhouse/condo properties in Florida and a drop in supply at the lower end of the market.
Latest statistics for new construction reveal that the US property market is still a long way from fulfilling demand. The number of new homes entering the market sits at rock-bottom levels while demand for property continues to soar across the country.
Despite falling oil prices, the Houston property market is maintaining a brisk rate of sales and price increases. August was one of the best months on record as Houston continued to see a steady influx of new residents drawn by the opportunities offered in the Texan city.
US property prices continue their upward trend and rose nationally by 6.9 per cent in the year to July. Furthermore, analysts predict further price increases over the next 12 months when they expect an average rise of 4.7 per cent. The price of property, however, still remains below its historic high.
Two recent surveys related to US property point to a market where homeownership is falling steadily in favour of rental, particularly among the first-home buyers. While the number of Americans who own their own home is at its lowest quarterly level since 1993, those who rent are at their highest level for 20 years.
Increasing mortgage rates and growing employment opportunities are fuelling the US property market where prices surged practically across the country in Q2 this year. Demand at levels not seen since before the economic crisis has pushed supply levels down to just over 5 months, putting further pressure on the already high demand market for US rental properties.
Property investment at global levels continues from strength to strength this year despite economic uncertainty over the Greek bailout and the Chinese stock exchange crisis. Transaction volumes rose by 9 per cent in the second quarter of this year with the US occupying the position as favourite investment destination. Demand was particularly high among investors for rental apartments in the US.
Tampa Bay property turns out to be one of the best deals in the US when it comes to beachfront homes. The coastal location of Port Richey offers the cheapest waterfront property in the entire country, but this may not last for long because sales and prices of single family homes rose significantly in June.
The Florida city of Jacksonville has become one of the employment hotspots not only in the Sunshine State but in the US as a whole. Creating thousands of new jobs, particularly in the technological sectors and attracting multinationals, the city is also registering some of the highest increases in prices for property in Florida.
Property in Houston reached record heights in June, confirming the city’s potential as one of the hotspots for US property this year. Monthly sales were the best ever and median prices reached a historic high, ahead even of those registered in 2014 a record year in itself.
June figures for property in Florida show more sales, higher prices and lower supply as the Sunshine State continues to attract new residents. The market for single family homes in Florida is particularly buoyant with two-digit price rises and booming sales.
