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.
Sales and prices of home and condos in Broward County were up last month. According to the Miami Association of Realtors, single family home sales were up six percent in June compared to June 2010; condo sales were up seven percent.
The S&P/Case-Shiller Home Price Index for April showed a slight monthly increase in prices across the board, but that’s not helping home prices in South Florida.
Home values in South Florida fell nearly 13 percent in the first three months of this year, compared to the same period last year, according to real estate tracker Zillow.com.
As much as some economists want you to believe the recession is over, a double-dip in home prices may be arriving sooner rather than later. And that could spell further woe for the depressed home markets in South Florida.
While prices remain a mixed bag, sales of single family homes and condominiums showed moderate increases last month.
The latest figures show that the total number of home sales have increased to 7.7 percent in February compared to a year earlier.
Home prices across the nation continue to bottom out, according to the latest information from the Standard & Poor’s/Case-Shiller Home Price Index.