Thank you for visiting The Florida real estate market is categorized in which two ways Select two answers. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
The Florida real estate market is categorized as both a primary market when dealing with new home sales contributing to the GDP, and a secondary market for pre-existing homes. Housing prices in this market are influenced by supply and demand and can be sticky, meaning they take longer to adjust.
Explanation:
The Florida real estate market can be categorized in two ways based on the descriptions provided. Firstly, it is part of the primary market when new homes are sold for the first time and contribute to the real GDP. This includes new homes supplied by construction firms and demanded by families or speculators. Secondly, the market can also be categorized as part of the secondary market when dealing with the buying and selling of pre-existing homes. This reflects assets that were sold at least once and does not count towards GDP. In these transactions, the price and rent for housing can fluctuate due to factors such as supply and demand, as seen before the Great Recession when housing prices unexpectedly fell.
Moreover, the Florida real estate market can experience rapid price changes, although typically, housing prices are more 'sticky' and take longer to adjust. The supply and demand of housing play a vital role in pricing, illustrating that a market with more buyers and fewer sellers will see a faster rise in housing prices, and vice versa.
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