RISING HOME PRICE SIGNAL REBOUND
South Florida’s home prices rose 2.5 percent in March according to Standard & Poor’s/Case-Shiller price index. Proof that the housing rebound has begun! Case-Shiller tracks the residential values of real estate in 20 metropolitan regions across America. The index is published on the last Tuesday of each month and has a two month lag time.
Lawrence Yun, Chief Economist for the National Association of Realtors said the housing recovery is under way. He was quoted as saying, “This the first time we’ve had back to back price increases from a year earlier since June and July of 2010 when the gains were less than one percent, we are looking for a modest overall prices gain of 1.0 to 2.0 percent, with stronger improvement in 2013.” Dr. John Tuccillo, Chief Economist for the Florida Realtors conquers with Yun stating that “Florida is in a “mini recovery”. At the 2012 Real Estate and Economic Forecast Conference held in Orlando, Florida many noted that Florida’s economy is continuing to strengthen, which is great news!
Chris Cox, 2012 President of the Jupiter-Tequesta-Hobe Sound Association of Realtors confirms April existing homes up and prices rise again! According to the National Association of Realtors “existing home sales rose in April and remain above a year ago, while home prices continue to rise”. The housing market is re-energizing. People are taking advantage of current record low mortgage rates and affordable conditions to buy their dream home.
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