Florida conjures up images of luxurious palatial homes, palm trees swaying in warm breezes, sparkling swimming pools, expansive stretches of sandy beaches, and seas of boats moored in harbors. It’s where luxury living has been elevated to its limits. Thinking of moving to South Florida in 2017, consider the hot forecast for real estate in 2017.
Expect a hot year for home sales in 2017, per recent forecasts from the National Association of Realtors, the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae and more.
NAR is predicting “existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are even more bullish. MBA is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million.”
This past June, the Home Price Index increased 7 percent annually in the state of Florida, which includes distressed properties. The Sunshine State saw an increase of 0.6 percent month-over-month in June. By July, trends are expected to be at the same rate of 0.6 percent, according to Core Logic’s forecast month-over-month change.
Florida is expected to see a similar pace for its year-over-year growth, but just a bit slower. The forecasted growth by June 2017 is reported at 6.8 percent.
Lots of buyers this year but not many homes to buy: Yet, they’re predicting existing home sales of 6 to 6.5 million in 2017 along with 160,000 new homes being built per year up to 2024. When builders are feeling optimistic, it’s a good omen.
Contact the real estate specialists at Waterfront Properties and Club Communities to discuss the current, local housing market in South Florida at info@WFPCC.com.