Florida's rising home prices are a 'worrying sign' for the housing market, experts revealed in a recent study on the Miami metro area.Florida Atlantic University and Florida International University said in their report that the soaring housing premiums in the Miami market are 'a potential worrying sign for the housing market,' even as rents slow down and interest rates remain high.The study found the average home in south Florida is 34.
'After a quieter 2023 with rising interest rates dampening demand, the stable rates of 2024, along with indications from the Fed that rates will remain elevated for an extended period, have spurred buyers to act despite higher costs,' Giulioni told Newsweek.Still, on the supply side, many sellers who got mortgages with interest rates of 4 percent or below are not in a hurry to sell and will instead wait until their asking prices are met.
Source: News Formal (newsformal.com)
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