The pandemic has had a huge effect on the real estate market, especially here in South Florida. Chief Economist for the National Association of Realtors, Lawrence Yun, joined us to share how the market could continue to change
“The Miami region saw a price gain of 19% from one year ago,” says Yun. “The housing market has been quite exceptional the past couple of years, and the momentum is still present through the first quarter of this year.”
Yun also explained the current trends that realtors are seeing not only locally, but across the country.
“There's simply not enough inventory so it continues to bounce around the historically low levels,” “The buying demand had been super hot during the pandemic as people sought larger size homes,” says Yun. “Many northerners wanted to seek out a more open space so they went to South Florida which raised the demand in prices.”
The outlook is looking slightly more optimistic for 2022.
“Around December the Miami region will have more residents moving in so I could still see a double-digit price gain of say 10%,” says Yun. “But the home sales will be a little lighter later this year compared to the hot condition of last year.”
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This Inside South Florida segment is paid for by The National Association of REALTORS®