South Florida Home Prices Have Risen Almost 5% Since Last Year

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The Miami Beach Condo Journal published their "Condo Story of the Week" after new national data reported a 4.4% increase in housing prices from last year.

Miami Beach Condo Journal named their "Condo Story of the Week" as there is good news for owners of Miami Beach condos this week, as The Miami Herald reported recent findings show that single-family home prices in South Florida are up 4.4% from June of 2011. New data from S&P/Case-Shiller, a report that tracks sales of single-family homes, shows that, in addition to this increase over the year, prices in Miami-Dade County and beyond rose almost 2 percent between this May and June.

This price increase indicates a rise in demand for Miami Beach-area condos; as more buyers bid for houses, the average price increases. The rise in demand for single-family homes in South Florida seems to be due to two main factors: rising market confidence and a historic low in mortgage rates. Buyers may be eligible for a 30-year fixed-rate mortgage with only 3.625% interest. This rise in demand is great news for owners of St Regis Bal Harbour condos, as home values are rising sharply; one condo at Paramount Bay was worth $395,000 in 2011 and today is worth just over $500,000.

The Case-Shiller home price reports, maintained by Standard and Poor’s, are indices that track housing prices in the United States. Updated quarterly, the Case-Shiller reports track prices in three separate indices: national housing prices, composites from a 10-city aggregate, and composites from a 20-city aggregate. In June’s report, prices rose in all three of these major indices; most housing markets in the nation matched Miami’s May-to-June growth. Tampa Bay, which is tracked in the 20-city index, also showed growth.

The Miami Beach Condo Journal is excited to share good economic news with condo owners in Miami Beach. Single-family home prices in South Florida, according to S&P/Case-Shiller’s quarterly report released last month, have risen nearly 5% since June of 2011, and almost 2% between May and June of this year. This points to an increase in demand for single-family housing in the area, likely due to increasing market confidence and low mortgage rates. In the case of one Miami condo, this increase in demand meant a $100,000 increase in value since last November.

Miami Beach Condo Journal is an online journal that discusses Florida real estate news, condo decorating, selling, or buying condos in the Miami area, and more.

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