Home sales falter in Florida – what’s going on in the market? – Mortgage Professional
Not all is shining bright in the Sunshine State
Enter the term “Florida man” into a search engine, and you’ll get an array of stories about guys behaving badly in the Sunshine State. Increasingly, any variation on “Florida housing market” may result in more unwelcome news.
According to Mansion Global, the short supply of homes in Florida is causing prices to continue rising. Listing inventory was down 13% in the second quarter, according to the source.
Sobering statistics point to the downturn. In Miami, deals for luxury residences – the top 10% of the market – were down 17.7%, according to Mansion Global, although they jumped 22.9% compared to the first three months of the year. The median price of a high-end home was nearly flat compared to the same time last year – rising just 0.5%, according to the report. On a more encouraging front, the median price rose 15.3% quarter-over-quarter to just $3 million, according to the report.
Melissa Cohn (pictured), regional vice president at…
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