Real Estate Blog

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While the housing market downturn may not totally be over in the United States, Floridians are feeling optimistic. Despite the fact that the slump in home prices nationwide has not completely recovered, the worst of it may be behind us.

Drops in Home Prices Slowing

In many parts of the country, prices of homes are falling at a slower rate than they have in previous months according to industry reports. In some markets prices have even begun to rise. This is great news for industries that are affected by the housing market. Construction, appliance sales, and furniture sales are starting to feel the effects of this turnaround in the housing market, which could also have lasting positive effects on the larger national economy.

Floridians Feeling Confident

Florida, in particular, is feeling the positive effects of the housing market recovery. Consumer confidence throughout the state is on the rise, according to recent surveys. In fact, consumer confidence in Florida is at its highest level since August of 2007, the time at which the bottom began to fall out of the housing market and the national economy began to sink into a recession.

In general, residents of Florida are feeling optimistic about their personal finances in addition to feeling confident about the national economy. Florida real estate is continuing to show steady improvement, which is boosting the positive outlook for many residents, even though Florida continues to have one of the highest foreclosure rates in the country.

Reports released this month show that property values in South Florida have been rising for 15 consecutive months. This represent the longest streak since the market began to crash in 2006. In fact, prices throughout the state are starting to surpass the peak levels seen in 2006 just before the crash.

Miami Home Prices on the Rise

The good news for South Floridians is that Miami home prices also continue to rise. Home prices in the area have risen over seven percent since this same time in 2011, according to industry experts. They are also up about 0.1 percent since this time last year. This is the fourth largest increase during that period for any large metropolitan city in the United States. Phoenix saw the largest year-over-year increase at just over 20 percent. Nationally, prices are up 3.6 percent.

What these numbers mean is that the residential housing market is showing strong signs of improvement and is continuing to gain momentum. All evidence suggests that the housing market will continue to gain strength as available inventory continues to decline. With fewer homes in foreclosure and homes on the market for sale, demand will continue to rise which brings with it a rise in home prices. What this all boils down to is that Floridians do, in fact, have reason to feel confident about the housing market, both nationally and statewide. The trend is even apparent in hard-hit South Florida cities like Miami.

You can browse our Miami Beach Real Estate Blog for the latest in Miami & South Beach. Looking for Miami Beach Waterfront Homes and Luxury Miami Beach Condosfor sale? The Kleer Team will show you the hottestCondos in Miami Beach. Call 949-735-9014 to schedule a meeting.

 
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