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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