Demographics & Growth Rates
Florida Housing Report 2018 and Beyond
Yes 2019’s forecast is very warm for the country along with rosy US economic predictions, and Florida’s spring/summer housing market is heating up fast. August was the 80th consecutive month that median sales prices for both single-family homes and condo-townhouse properties in Florida, rose year-over-year.
Florida Realtor’s Report for August
Florida’s market continue to improve as we enter the fall season. Florida Realtors Association reported that August is the second month in row that Florida’s housing market experienced a rise in new listings. The average detached home price rose 4.6% to $328,414 (YoY). Sales of single-family homes across FL totaled 26,273 last month, up 4.2% vs August 2017. Sales volume rose more than $900 Million and cash sales were up 1.2%. All signs of a healthy Florida housing market.
Florida’s $1 Trillion Dollar Economy
Florida’s economic performance continues in 2018 and 2019 will shine as will the US economy. This is why the sunshine state is attracting so many new residents and home buyers. Orlando’s population growth was 18% over the last and disposable income growth over the last 5 years was an amazing 12.8%. South Florida’s population hit 6 million for the first time, and Miami Dade hit 2.7 million residents. Tampa Sarasota region was in the top 10 nationally for population growth and Orlando saw 48,000 new residents arrive. That’s generated strong demand for housing and rental units in South Florida. As reported in Tampabay.com, the Florida economy will reach $1 Trillion this year and $1.074 trillion in 2019. Florida is an important state having 5% of the US economy but 10% of new jobs. Tourism and housing were the key industries.