According to the analysis of the center for Housing Studies of Harvard University the US Housing market has returned to normal. This should be great news for Real Estate Investing in Florida. In the State of the Nation’s Housing report the analysis shows that housing demand and prices are rising along with residential construction and the number of distressed homeowners has fallen sharply. It’s not all good news as the well documented tight supply hindering many markers is hitting affordability and supply of new homes continues to lag demand.
Some interesting points to note from the analysis include:
- Construction has grown for the past 7 years but remains below the 10 year average for any decade since at least the 1970’s
- The downward trend of homeownership rates may be leveling off and the data shows a sharp rise in the demand in the years ahead despite affordability concerns
- Driving the rise in demand will be millennials as they are reaching their late 20’s and early 30’s and deciding its time to buy a home
I believe that aside from new construction Real Estate Investing will be a key to meeting this increased demand as Millennials will want the best of both worlds, a nicely renovated house and convenient location to cities.
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