Florida home values jumped more than 12% in September from a year earlier, as investors look for a better deal, a Florida home builder said on Thursday.
Homebuilders have seen a glut of new listings and new homes built in recent months, with a glut in the state and a glut across the country, said John J. Dine, president of J. J.D. Power Inc., the company’s leading developer.
He attributed the surge in new listings to a glut nationwide.
The housing market has been so robust, that it’s hard to believe that there’s been a significant drop in supply, said Dine.
The supply is there.
There’s a glut and a shortage, and people are buying at record prices.
The price of a typical home is up more than $300,000 in the last two months, compared with a year ago, according to data compiled by real estate data firm Zillow Inc.
In Florida, the average price for a house in August was $302,400, up from $298,800 a year before, according a Zillower survey.
Florida home prices have risen more than 14% from a decade ago, and prices for single-family homes are up 7% in the past 12 months.
Florida home prices jumped 12.3% from the year before in the fourth quarter, according the Florida Association of Realtors.
Home prices in the Sunshine State were up 5.7% in August from a season ago.