Case Shiller Housing Index continues to show weakness in the US. One positive is a slight sequential increase in April 2011 over March 2011; however, this was less than 1.0% price increase.
In April 2011 the year-over-year price decrease was 5.6% in the Miami region (South Florida) versus the national average reduction of around 3.5%, according to the Case Shiller Index. The Tampa area showed greater weakness with an annual decrease of 7.7% in April 2011.
The postive sequential trend alluded to earlier might be the start of a positive trend in the US housing market. However, it is only one month and a relatively weak sequential move to the upside.
The South Florida market continues to be plagued by heightened levels of unemployment, higher than usual levels of distressed properties along with the general economic uncertainty of recent months. Tighter lending practices, tougher appraisals and economic uncertainty seem to be discouraging those who are seeking financing. The recent "soft patch" in the national economy seems to be making some cash buyers or those who will use limited financing take a longer look. The lenders and buyers seem to be waiting for an indication as to which way the US economy is headed at the moment.
Some other areas of the nation that we focus on are listed below:
Case-Shiller Housing Index:
April 2011 April/March March/ February
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 147.07 -0.2% -1.7% -4.2%
Chicago 110.12 -0.4% -2.4% -8.6%
Miami 136.99 -0.2% -0.8% -5.6%
Minneapolis 106.07 0.4% -3.7% -11.1%
New York 164.17 0.8% -1.0% -2.8%
Tampa 126.47 -0.4% -0.5% -7.7%
Composite-10 152.51 0.8% -0.8% -3.1%
Composite-20 138.84 0.7% -0.9% -4.0%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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