Wednesday, June 26, 2013

S&P/Case-Shiller Index Registered Biggest Jump in 7 Years In U.S. & Miami Home Prices



Good news keeps saluting Miami Real Estate Investors and Homeowners.
South Florida home prices increased in April for a 16th consecutive month as the U.S. saw gains nationwide, according to the S&P/Case-Shiller home price index.



The Case-Shiller index compares prices of current sales to past sales of the same residential property, making it a more accurate reading of values than the monthly Realtor reports, which simply compare all sales to the prior year’s tally.
The index covering 20 metro areas posted its highest bump in seven years. All cities saw annual price increases, led by San Francisco at 23.9 percent. Housing prices in South Florida jumped 12 percent from a year ago, the biggest advance since July 2006.

Whatever the cause, the rising values come as welcome news to homeowners caught in the bust, though prices remain well off past peaks. The April Case-Shiller reading put values at 43 percent below the past record in South Florida, set in May 2006. But that’s still far better than the 51 percent drop recorded in the fall of 2011, the official bottom of the housing crash.


The recovery should continue as banks start to ease credit restrictions, David M. Blitzer, chairman of the index committee, said in a statement.
Some analysts say an expected rise in lending rates could slow price growth and activity. The index does not include prices for condos and trails Realtor data by one month. * Source The Real Deal & Miami Herald.


To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com  

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