South Florida Real Estate News | Fort Lauderdale Realtors Henri Frank Group
South Florida home prices rose 4.4 percent
Home prices in the United States ascended in June compared to calculations from June of 2011 which represents the first year-over-year growth since the third quarter of 2012. This year-over-year growth is a telltale sign of the potential recovery of the housing market.
The Standard & Poor’s/Case-Shiller home price index indicated an increase of .05% in comparison to calculations in June of 2011. September of 2010 was the last point in which the year-over-year index improved. In this 12-month period of time, the government provided incentive by introducing home-buying tax credit.
The Standard & Poor’s/Case-Shiller home price index also indicated that all 20 cities included in the study showed growth from June to May. This is the second consistent occurrence when all cities in the study reported month-over-month gains. Only two of the cities included in the index did not post increases in June from May. The four cities that showed the largest month-over-month growth were Chicago, Atlanta, Detroit, and Minneapolis.
A representative from the Standard & Poor’s index firm notes that the improvements of the month-over-month gains. The increases in average home prices are both good signs for the housing market in the United States. An economists from the Credit Suisse firm indicates he believes that change in home prices will have a huge positive impact on home sales in the upcoming months.
The constant reportings of home prices increase is expected to persuade many potential home sellers to list their properties. South Florida Realtors showing sellers that there are buyers in the market helps them decide to list their Florida homes. When home sellers have the confidence to sell their properties, this also gives them confidence to purchase new properties as well.
The S&P/Case-Shiller monthly index is based upon closed to 50% of homes in the United States. This index contrasts current home prices with home prices from January 2000 and develops a three-month moving average. The increases in home sales are partly due to the seasonal buyers. Home prices in the S&P/Case-Shiller home price index aren’t modified to accommodate seasonalconditions.
National average home prices have increased continuously for the third month in a row and average home prices have increased about 7% in the period of April-June in comparison to the previous quarter. The housing market is making small but consistent improvements partly due to the fact that homes have become more cost efficient. Mortgage rates have declined close to historic lows.
Home prices in the United States have declined about 33% lower than numbers seen during the housing bubble in 2006. According to information released from the National Association of Realtors, home resales have also increased 10% from June to July and national sales have increased 10% over the last 12 months.
South Florida home prices up 4.4% from a year ago. Another dose of good news for the South Florida’s housing market. South Florida home prices rose 4.4 percent in June from a year earlier, as national numbers turned positive again, bolstering evidence housing is recovering.
Prices in Miami-Dade, Broward and Palm Beach counties rose 1.6 percent in June from May. Also strong signals that the South Florida residential market is finally on the upswing. According to S&P/Case-Shiller, they enjoyed a 0.7 percent increase in the second quarter from the first quarter. The report is closely monitored and tracks sales of thousands of single-family homes.
South Florida was amongst the hardest hit spots in the nation during the housing crisis. That region of the nation, reports its seventh straight month of rising values in June. That is the longest positive streak documented since 2006.
For more Real Estate News go to the Henri Frank Group at Remax Preferred. http://henrifrank.com/real-estate-news/ Frank Vigliotti, Realtor, CDPE, PA and Henri Vezie, Realtor, PA co-founded the Fort Lauderdale Realtor group based in Wilton Manors, Florida, assisting investors, sellers, buyers and renters all through out the region. http://henrifrank.com