Miami Inventory of Available Homes Increases, Finally.

by Isaac Benmergui, Esq on April 24, 2013

Red$graph_cropFor more than six months, Miami home buyers have been waiting for the inventory of available homes to improve. They’ve gotten accustomed to heated bidding wars with several other interested buyers where the price of the home was driven far past the listing price. Finally, it seems the numbers of available Miami homes is on the rise.

Although inventories have not yet improved from where they were a year ago, they did rise 2.6 percent, which was more than expected in February from January, according to the National Association of Realtors. The numbers for available homes hadn’t risen that much in more than two years.

Home builders have ramped up production faster than they expected, but their costs have also increased due to less available labor and cost of materials. One Miami-based builder reported a 34 percent jump in new construction orders and said although his company produces about more than half a million homes a year, more than one million is what is currently needed to keep up with demand.

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