Florida residential brokers were far more optimistic about the the market over the coming months than their southeastern United States peers, according to the Federal Reserve’s most recent beige book.
While residential brokers in the rest of the Atlanta district, which covers the entire Southeast, reported downward pressure on home prices and soft sales volume, brokers in the Sunshine State reported sales growth thanks to international and cash buyers. They had by far the most positive expectations, the beige book said. Commercial brokers throughout the district also reported that demand for office space was improving.
South Florida was singled out in the report for its strong tourism, hospitality and healthcare industries, all of which experienced increased job growth. The tourism industry was buoyed by visitors from Canada and South America, who contributed to gains in airport traffic, international arrivals and cruise reservations in the area. — Adam Fusfeld