FLORIDA — Florida home values are up 0.3 percent in the first quarter of 2018, according to a new report from Realtor Florence Schenectady.
The benchmark home price index rose 1.2 percent in March, and the benchmark monthly average home price is now $1.9 million.
That’s the first increase in five years.
The index rose 4.7 percent in January, while the median home price was $1,973,900.
It’s the highest monthly average price in eight years, according the report.
Schenctady also says Florida’s housing market has stabilized, which is good news for consumers.
The state’s average home value dropped 1.1 percent in April, and a third of homes are in the $250,000 to $300,000 range.
The average home purchase price for a family of four is $1 million.
Home prices in Florida have been rising in recent years, but they’re still a bit below where they were a decade ago.
The Florida housing market is still recovering from the recession and the recent hurricanes, but it’s still a long way from the peak in 2007.
The last time Florida home ownership was so high was in 2007, before the financial crisis hit the state.
The market’s current surge comes after years of strong demand.
The median home value in Florida was $400,000 in the fourth quarter of 2019, according Realtor Schencey.
Thats down $8,000 from the previous quarter.
Realtors say Florida has been growing faster than the national average, and is now the fastest-growing state.
This is the first full year the state has recorded a growth rate above the national rate.