February 22, 2024
Home prices in South Florida defy the odds and keep rising despite a drop in sales

Florida Trend Real Estate

Home prices in South Florida defy the odds and keep rising despite a drop in sales

| 11/27/2023

Home prices in South Florida defy the odds and keep rising despite a drop in sales

Home prices in South Florida continue to climb higher despite another drop in transactions. Annual sales keep falling, a trend seen since the start of this year. Many first-time buyers blame the steady rise in prices on their inability to afford a home. Another challenge? South Florida continues to attract wealthy residents, and corporate expansions are drawing workers with deep pockets and bigger salaries, adding more competition for real estate. [Source: Miami Herald]

See also:
» Economist predicts 15% increase in home sales next year

As home insurance hikes multiply, calls for reform in Florida are growing

Four years ago, Alan Weger said he was paying less than $1,000 a year for homeowners coverage on his Florida West Coast villa that was built in 1984. His latest bill, which came last month, was $6,800. "I don't know how much longer I can live here," said the retired teacher in a Facebook exchange. He's not the only one seeing his insurance premium spike lately. This year alone, Florida property owners shuddered as the average policy rose 40% to a historic average of about $6,000 a year, almost four times the national average of $1,700. [Source: Islander News]

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How the $1.8 billion Realtors lawsuit could reshape Florida’s housing market

A landmark ruling against some of the most powerful players in the real estate industry could lead to major changes in how homes are bought and sold. Last month, a federal jury in Missouri found that the National Association of Realtors and several large brokerages had conspired in a price fixing scheme that inflated the commissions agents earned from each sale. So what does this mean for the Florida housing market? [Source: Tampa Bay Times]

Is your Realtor ‘steering’ buyers away from your home? This might be the reason

House hunters may not be seeing every place on the market that fits their criteria. According to new research, buyers’ agents tend to turn up their noses at listings that don’t offer the largest commissions. It has long been suspected that some agents engage in “steering” — guiding their buyer-clients away from low-paying listings. And a new study — conducted by Jordan M. Barry from the University of Southern California’s Gould School of Law, John William Hatfield from the University of Texas at Austin and independent researcher Will Fried — indicates that the practice is alive and well in the housing ecosystem. [Source: Miami Herald]

STAT OF THE WEEK
$325,000
Newly released data for August shows that potential buyers and sellers in Polk County saw houses sell for higher than the previous month's median sale price of $300,000. The median home sold for $325,000. [Source: Lakeland Ledger]

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