New signs of economic recovery continue to resurface across Florida; the construction industry is growing, motor manufacturers have seen an increase in truck sales, and house prices are finally on the way back up.
2007 was the year that America's financing practically ceased to exist as house prices collapsed, buyers were almost non-existent and a once-booming UK investment market seemingly collapsed overnight; however, America - and Florida in particular - is currently undergoing a property market shift. Signs of life in real estate have began to emerge as a new wave of buyers have encouraged the continued growth and subsequent turnaround of the property market.
US house price are now on the rise, demonstrating ten consecutive months of year-on-year growth based on December sales. The biggest house price increases were seen in Arizona (up by 20.2%), Nevada (up by 15.3%), Idaho (up by 14.6%), California (up by 12.6%) and Hawaii (up by 12.5%).
The appeal of Florida's property market has diversified to new types of buyers; where once first-time buyers controlled the property market, there is now an increase in the number of investors and home owners trading up, which continues to encourage growth in the area.
As far as overseas investment goes, Florida remains one of the most popular investment destinations but the nationality of the buyers has changed. Brazilians, Canadians, Norwegians and Chinese are reported to be the most common nationalities of overseas investors, followed by US buyers from colder states.
Although underlying issues with America's real estate market remain at large, the changing market reveals encouraging signs of evolvement and growth currently taking place.
