According to a recent report from the mortgage company, Freddie Mac, South Florida’s housing market ranks as the most stable in the Sunshine State.
The Palm Beach, Broward and Miami-Dade markets scored 82.4 in June on Freddie Mac’s Multi-Indicator Market index, which is up 14 percent from a year ago.
The index measures local and state housing markets by tracking home loan applications, affordability, mortgage loan delinquencies and employment. A score of at least 80 is considered favorable or stable with a perfect score being 100.
South Florida’s market hit 80 in May for the first time since August of 2008. The three-county region is the only one of eight metros in Florida above 80.
“Those markets hardest hit by the Great Recession, including many in Florida, are rebounding, but they still need to improve to get delinquencies back in line with their benchmark historic averages,” said Len Kiefer, Freddie Mac’s deputy chief economist. “The key driver of all this recovery has been solid job growth.”
In a story published by the Sun Sentinel, Jay Parker, CEO of the Douglas Elliman Florida brokerage, said the tri-county area has transformed from a boom-or-bust market to a stable destination.
“More and more people are looking at South Florida as a home as opposed to an investment,” said Parker.
We wholeheartedly agree Jay!!
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