Jupiter, FL (PRWEB) August 02, 2012
For the fourth straight month, values of single-family homes in the United States have risen, and in South Florida, the streak has reached six months, according to a highly regarded survey issued by Standard & Poor’s.
The Case Shiller composite index showed all 20 of the cities it monitors gaining traction in May 2012, the latest month for which figures are available, compared with April. One of them is Miami, which includes most of southeast Florida.
In Palm Beach County, where Waterfront Properties and Club Communities has listings from Delray Beach to Tequesta, including Jupiter homes for sale and Palm Beach Gardens real estate, the index recorded a 1.4-percent, month-over-month increase in May. The year-over-year increase is 3.4 percent.
“With May’s data, we saw a continuing trend of rising home prices for the spring,” said David Blitzer, chairman of the index committee. “The 10- and 20-City composites were each up 2.2 percent for the month and recorded respective annual rates of decline of 1 percent and 0.7 percent, compared to May 2011. While still negative, these annual changes are the best we’ve since in at least 18 months.”
That statement from Blitzer has real-estate analysts abuzz. They say the index is black-and-white proof the market has hit rock bottom and only can go up.
Further, analysts say the index can pinpoint when the market low occurred. In South Florida, it was in November of 2011.
Blitzer said while the news is good, he remains cautiously optimistic.
“Miami and Tampa are two other Sunbelt cities that were hard-hit in the downturn, but are now showing positive annual rates of change,” he said. “June data for existing-home sales, new-home sales, housing starts and mortgage-default rates were a bit mixed, but all are better than their year-ago levels. The housing market seems to be stabilizing, but we are definitely in a wait-and-see mode for the next few months.”
For information about home sales in Palm Beach County, call 561-746-7272 or visit http://www.waterfront-properties.com.