Despite the troubles Florida has had with its housing industry, the state leads the nation in markets for single-family homes, according to a new report by Ten-X. The company’s fall Top Single-Family Housing Markets Report put Fort Lauderdale, Palm Beach County, Tampa, and Orlando at the top of the list for American metro areas, with Las Vegas finishing the top five.
The company said each of these markets demonstrated “a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth.” Seattle, a fixture in the top five, was bumped by Las Vegas.
"Florida's housing market continues to set the pace for the nation, with five of the top ten metros on our report," said Ten-X executive vice president Rick Sharga. "While all of the top five markets took substantial hits during the housing crash, especially Las Vegas, the continued road to recovery for these destination cities is looking even brighter."
Florida metros, the report found, have seen their markets surge through solid economic and demographic expansion. Fort Lauderdale's comeback from the housing bust in particular has been considerable. Seasonally adjusted home prices reached nearly $240,000 this past quarter, up nearly 12 percent from a year ago. Home prices are now at their highest level since 2007. However, they remain 17.6 percent below their prior peak, “leaving plenty of room for growth,” the report stated.
Similarly, existing home prices in Palm Beach County are 10.5 percent higher than a year ago; Tampa's economic expansion is moving forward as payrolls are up 3.1 percent year-over year; Orlando’s sales are up 4.7 percent year-over-year, nearing pre-recession numbers; and Las Vegas sales are 15 percent higher than a year ago, and now at an all-time high of 5.9 percent-above its prior peak.
On the flip side, once rock-solid markets have been slow on the recovery.
"This quarter's report is a strong reminder of how uneven the housing recovery has been, with strong performance by cities in the South, Southeast, West and Pacific Northwest, and much weaker trends in the Northeast and Midwest," Sharga said.