Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared to how many people want to buy that item. As a result, the strong year-over-year home price appreciation is simple to explain. The demand for housing is up while the supply of homes for sale hovers at historic lows.

Let’s use three maps to show how this theory continues to affect the residential real estate market.

Map #1 – State-by-state price appreciation reported by the Federal Housing Finance Agency (FHFA) for the first quarter of 2021 compared to the first quarter of 2020:

As the map shows, certain states (colored in red) have appreciated well…

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So you're thinking about buying a home in South Florida, and you've heard how absolutely crazy the market is in 2021, so you're wondering, should I buy a home in South Florida now or should I wait until next year when all the craziness calms down?

We're gonna answer that question in this video. Hey, my name's Andy Mandel. I'm a broker associate with the Mandel Team at RE/MAX Advisors, and if this is your first time to the channel, this is where we go over everything there is to know about eating, living, sleeping, playing and enjoying the South Florida lifestyle. So if that interests you, make sure you subscribe to our channel and tap that bell icon so you get notified every time we do a new video.

So a lot of people, we keep hearing it all…

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Hey, it's Andy with the Mandel Team REMAX and I'm here to bring you your June, 2021 Housing Market Update, as always for the purposes of this video. We're gonna be talking about single family homes only in Boca, Parkland and Coral Springs. Those are the areas where our team does the predominant amount of our business and we're talking about single family homes only. No country clubs, no 55-and-over communities. So when we give you these stats, we like to look at the leading indicators to show you where the real estate market is headed, not where it's been. So we're not gonna talk about closed sale price, but we're gonna give you the stats of what's going on right now today in this market to show you where the housing market is headed.

Now,…

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