Greater Seminole County Real Estate Report 8-12-20: What does the future of Florida’s real estate market look like? Let’s take a look at June’s housing market statistics as a powerful indicator!
June Numbers Indicate a Positive Future for Florida’s Real Estate Market
As we approach the middle of the third quarter, June’s numbers indicate a good outlook for the recovery of Florida’s real estate industry. I want to share with you what the statistics have to say about the future of home buying and selling.
Record-Low Interest Rates
Homebuyers have been enjoying rock bottom interest rates. The good news is that interest rates are not expected to increase anytime soon. In fact, interest rates can go even lower. For those who decided to wait to purchase a home when the pandemic hit, this is a huge incentive to get back into the hunt for the perfect home.
Florida’s Housing Market Statistics
June’s numbers showed an increase in the number of pending home sales as well as an increase in the amount of inventory available in the housing market compared to 2019. June saw higher median sales prices year-over-year.
Single-family homes saw an increase of 1.3% compared to 2019. Despite COVID-19 stopping the world in its tracks, the number of homes closed only dropped by a little over 7%.
The Next Steps
Several factors play a role in this increase in demand for homes. This includes those who have been waiting since the spring to purchase a home as well as families who have realized that their current home doesn’t meet the needs of their new lifestyle brought about by the pandemic.
When it comes time to buy a new home and/or sell your current one, I am here to help you with all of your real estate needs and answer any questions you may have. Feel free to contact me at email@example.com or 407-330-2181. Until next week, happy home buying and selling and stay safe!