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What’s ahead for Florida’s 2015 economy?
The real estate market plays a vital role in Florida's economy, and figuring out what lies ahead in 2015 is key to policymakers, residents and Realtors.
"We anticipate the positive trends that developed last year to continue into 2015," says Florida Realtors Chief Economist Dr. John Tuccillo. "Florida's economy is producing significant numbers of jobs, in-migration is strong and the housing market will benefit. Florida Realtors expects home sales to increase by about 10 percent in 2015, and values to move upward at the historical average rate of 4.5-5 percent. Because of inventory shortages at the lower price levels of the market, measured median and average prices will rise by 10-15 percent – about the same as their performance in 2014. "Both the economy and real estate will benefit from lower gas prices, which are expected to continue through the first half of the year," he adds. "This will give consumers more spendable income, but will also allow them to consider buying homes farther from metropolitan centers, where home prices are lower. Florida's economy also will benefit from both the expansion of the Panama Canal, which will bring new trade and employment opportunities to Florida, and from numerous transportation projects that are now underway or planned around the state."
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