By now, we know the drill. For homeowners, it’s great news. For those looking to buy, it’s terrible. Home prices rose again in October, placing South Florida counties in fifth place on a home price index’s list of highest annual gains.
A new survey of home prices based on comparing thousands of 4 bedroom, 2 bathroom homes in more that 2500 communities nationwide found that in Florida, the priciest homes surveyed were not in Coral Gables or Miami Beach, but in the city of Doral.
Despite a lagging economy, South Florida’s housing market continues to improve. The median price for an existing single-family home in Miami-Dade rose 5.8 percent to $185,000 in October from a year earlier.
South Florida homeowners have something to rejoice about: higher property values.
As the global economy continues to sputter, there could be some good news on the horizon for the South Florida economy.
The economic recovery may be years away from ending, but there have been some steady gains in South Florida and across the country that is giving some economists hope heading into the second quarter starting Sunday.
While nationally the Case-Shiller Home Price Index showed home values hit new index lows to end 2011; the data wasn’t as bad for two of the hardest hit areas in the nation, Phoenix and Miami.
Home prices were up across the board in Miami-Dade and Broward counties in January. That’s according to the Miami Association of Realtors which said in January the average sales price for single-family homes in Miami-Dade increased 40.4 percent.
The numbers are out for Florida home sales in 2011, and the news is good for Miami-Dade. The once-stagnant real estate market is showing signs of vigor, as sales in Miami-Dade outpaced statewide numbers by more than 4 to 1.
It probably didn’t show in the massive crowds that swamped South Florida stores on Thanksgiving, but according to the University of Florida, consumer confidence in the Sunshine State remained poor through November.