The rapid value increases throughout South Florida’s housing market are expected to slow considerably in 2014.
As the region’s market rebounded from the recession over the last few years, investors quickly drove residential prices up by aggressively acquiring homes. Appreciation should give way to housing sector stability in the coming year, the Sun-Sentinel reported. Encouraged by the pricing gains, more homeowners are expected to test the market.
An increase of for-sale inventory would combat surging property values. Median single-family home prices in Broward County rose more than 20 percent for 12 straight months, while Palm Beach County’s median price increased by at least 10 percent for the last 13 months.