Buyers strongly favored in South Florida’s housing market – NBC 6 South Florida

A new report is shedding some light on South Florida’s housing market, and for buyers, it’s great news.

According to Realtor.com, the Sunshine State is the most unbalanced housing market in the U.S., with buyers being strongly favored.

Miami had 9.7 months of housing supply, the report said.

When analyzing the state of the housing market, Realtor.com says the general metric to look at is the months of supply, which means “how long it would take for all the for-sale homes on the market (including pending listings) to be sold at the current sales pace.”

The following includes the breakdown of who is mostly favored in terms of months of supply:

• Four months or less, a fast market: Sellers favored
• Four to six months: A balanced market
• Six months or more, a slow market: Buyers favored

When the market is slower, buyers have more negotiating power, Realtor.com says.

Based on data in June, homes in Miami had a median list price of $510,000, which was down 4.7% from the previous year.

Three other South Florida metros had six-months of housing supply.

Orlando had the third-highest months of supply with 6.9 months.

Realtor.com said in June, the median listing price in Orlando decreased by 3.4% to $429,473.

Tampa and Jacksonville came fourth with 6.3 months of housing supply.