Housing market data were the big economic news last week. 90.7 economic analyst Hank Fishkind walks us through the numbers, but first, he takes a look at what those numbers tell us and why housing markets are important to the economic outlook in general and particularly in Florida.
Hank's Highlights:
- Residential construction is a larger part of our economy in Florida. Even more importantly, the health of housing markets is an important driver for our population growth, because people often have to sell their existing home before they can move to Florida. This is especially true for retirees.
- In Florida, the volume of existing home sales has been essentially flat for the last 18 months, about the same as across the nation. However, prices increased a bit faster in Florida with the median price for a single-family home up 10% compared to last year.
- As this year progresses, it seems sales activity will improve substantially as job growth continues, wage gains accelerate, and population growth remains strong in Florida.
