Broward Tops National Ranking for Single-Family Markets

Written by on 10.25.16 in MultiFamily - No comments

Fort Lauderdale‘s housing rebound has been rosier than most.

The Broward County metropolitan area jumped over Palm Beach County to become the nation’s hottest single-family market this fall, according to Ten-X, an online real estate marketplace based in California’s Silicon Valley.

Several factors favored Broward: Home prices leaped 12 percent to $240,000 in the third quarter; payrolls hit an all-time high, up 4.4 percent in a year; overall job growth accelerated to the 6 percent range; and population growth has outpaced the U.S. average for six consecutive years. And there’s still room to grow. While the Fort Lauderdale area’s housing prices reached their highest level since 2007, price tags remain 17.6 percent below the previous peak.

Palm Beach County, the Tampa Bay area, Orlando and Las Vegas completed the top five single-family home markets. Miami placed 19th.

“Florida’s housing market continues to set the pace for the nation, with five of the top 10 metros on our report,” said Ten-X executive vice president Rick Sharga, referring to Jacksonville’s 10th-place ranking.

Existing home prices grew 10.5 percent in Palm Beach, while home sales grew 4 percent and employment was up 2.3 percent in a year.

The two South Florida markets have dominated the rankings for two consecutive seasons.

 

Source: DBR

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