The Housing Market in South Florida is Bouncing Back!
News of the real estate market in south Florida making a come back has been making headlines. According to the recent home price index released by Standard & Poor (S&P) in January of 2012, the prices of homes in Palm Beach, Broward and Miami-Dade Counties have risen considerably. Since October of 2011, the home prices have risen 0.8 percent and a whopping 9.9 percent from the year before. October was the 11th consecutive month that home prices have grown in these three counties on an annual basis, according to the Sun Sentinel.
The chairman of the S&P price index, David M. Blitzer, stated, “Prices are rising, as are both new and existing home sales.” He also made the comment that the “housing market is clearly recovering.” His enthusiasm and the positive numbers are great inclinations for what the future is holding for south Florida’s housing market.
Another positive indicator for a healthier, housing market is the growth in “home starts” or new construction. When we see new construction in our areas it is indicative of a better economy as buyers show “a renewed faith in the region’s housing market,” according to an article in the Sun Sentinel. Last year in Palm Beach County we saw a 37 percent increase in the, single-family home starts from 2011. During the housing crisis a few years back we saw new home development take a tumble, now we are seeing new buildings shooting up again.
The market is making a come back, prices are going up and new homes are being built. However, mortgage rates are still, fairly low allowing buyers to capitalize on this precious time. This is the time to buy before home prices make a full recovery and mortgage rates climb! As demand increases, local builders are boosting prices. Palm Beach County has been seeing some of the strongest percentage increases because the availability of land is in short supply. So, if you are considering purchasing in south Florida, strike while the iron is hot!
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