The future of new construction in Florida
Florida is an explosion of new construction, with a growing population and a strong economy.
The state is home to a variety of new construction projects, from single-family homes to high-rise apartments.
In recent months, Florida’s new construction market has been on fire. Home prices have been rising and inventory has been low. This is due to a number of factors, including the influx of new residents, the strong labor market and the state’s favorable tax climate.
Current Real Estate Data
According to the Florida Realtors Association, the median price of a single-family home in Florida was $420,000 in May 2023. This represents a 10% increase from May 2022. The inventory of homes for sale in Florida was 3.4 months in May 2023, which represents below the six-month inventory level that is considered a balanced market.
U.S. economic data.
The U.S. economy is currently in a state of flux. The Federal Reserve is raising interest rates in an effort to combat inflation, which could lead to slower economic growth. However, the labor market remains strong and consumer spending remains robust.
Latest positive news
The latest positive news about the U.S. economy and the U.S. housing sector is encouraging. The economy added 372,000 jobs in June 2023, exceeding expectations. This is the twelfth consecutive month of job growth above 300,000. The unemployment rate remained at 3.6% in June 2023, near a 50-year low. The housing market remains strong, with home prices rising at a double-digit pace. The median price of a single-family home in the U.S. was $450,000 in June 2023, up 15% from a year ago. Consumer spending remains solid, with retail sales up 0.6% in May 2023. This is the third consecutive month of retail sales growth.
Forecasts for the coming months
The real estate experts at Your Real Investment predict that Florida’s new construction market will remain strong in the coming months. They expect home prices to continue to rise and inventory to remain low.
The U.S. economy is also expected to remain strong in the coming months. The labor market is expected to continue to improve and consumer spending is expected to remain strong.
If you are interested in learning more about the Florida new construction market, contact a Florida real estate agent today at Your Real Investmentwhere we are proud of the success of our current Florida Real Estate Developments, with construction well underway. We will be happy to answer your questions and help you find the perfect investment property to suit your possibilities and goals.
Data sources
- Florida Association of Realtors
- Zillow
- Realtor.com
- Dodge Data and Analysis
- Your Real Investment Analytics
- U.S. Bureau of Economic Analysis
- Federal Reserve
