On a national basis, the Case Shiller Index showed a sequential improvement in 2Q:11 from the 1Q:11 low, but still posted an annual decline of 5.9% versus 2Q:10. Nationally, home prices are back to levels seen in 2003.
David Blitzer, the chairman of the Index Committe at S & P Indeces implied there are mixed signals on the housing market throughout the country. He suggests that we are in a state of regional housing markets, as opposed to a "national market" where everything rose and fell together.
The South Florida region showed a 0.6% sequential drop home prices in June 2011 over May 2011; this compares with a 1.1% average increase for the nation. On a year-over-year basis, the price of the average home fell 5.1% in June 2011 versus June 2010; and this compares with an average 4.5% year-over-year decrease for the nation.
Some areas of interest were as follows:
June 2011 June/May May/April
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 154.47 2.4% 2.6% -2.1%
Chicago 115.61 3.2% 1.7% -7.4%
Cleveland 100.68 1.5% 1.2% -6.1%
Miami 139.46 0.6% 1.2% -5.1%
Minneapolis 112.31 3.2% 2.7% -10.8%
New York 166.59 0.9% 0.7% -3.6%
Tampa 128.90 1.3% 0.7% -7.0%
Composite-10 154.88 1.1% 1.0% -3.8%
Composite-20 141.30 1.1% 1.0% -4.5%
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 text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
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
Wednesday, August 31, 2011
Saturday, August 13, 2011
Is Now A Good Time To Buy A Home?: Homes For Sale: Homes For Rent
Is now a good time to buy a home? I think the answer is yes IF: you have a stable job and expect to live in the home for 10 years or more. Yes, interest rates could fall a bit more and prices as well-- but if you plan to live in your new home for 10 years or more, I think the benefits of buying near-term would outweigh the costs at this time.
Let's look at some of the factors in making such a decision:
Interest rates: Now is a good time to buy on interest rates alone. As mortgage interest rates rise, purchasing power falls. Rates are near historic lows right now.
The Federal Reserve will eventually raise some benchmark rates and it also has a large portfolio of mortgage securities to sell off in the future-- this will put upward pressure on rates.
Also, inflation is beginning to rise and some analysts think it will continue to creep upward. As inflation increases, lenders will want to hedge against the US Dollar being worth less-- and will raise interest rates as a means to that end.
Home Prices: The banks are trying to keep home prices from plummeting by slowly releasing distressed properties into the market. The predictions on home prices vary from a minimal decline from here to another 25% decrease. But, this is a very local issue that needs to be looked at carefully in the area of interest.
When the market does hit a bottom, it will most likely not rally like we had seen in the "bubble" period. The real annual return on a home is approximately the rate of inflation. Therefore, homebuyers should not be investors looking to "flip" homes for a profit, in my view.
Lastly, even if prices were to decline further a rising interest rate might wipe away as much purchasing power if you wait.
Mortgages: Banks have tightened their lending requirements post-bubble. A bigger downpayment is required and your credit history is very important. Currently the government guarantees over 90% of the mortgages in the market. The government will most likely begin backing away from this practice and when it does will most likely require about 20% as a downpayment.
Financial Situation: The housing market will most likely continue to be soft in the coming years. The sale of a home will not be quick or easy, most likely. It is important to purchase a home you feel you will be able to afford for a while and you should not stretch your budget to afford it.
Also, the buy versus rent argument goes that rents may rise while your fixed mortgage costs will not. A fixed interest rate mortgage is a good hedge for inflation because inflation will cause wage increases; this coupled with your fixed costs will help make it easier to afford the payments.
Again, if you are economically stable and plan to live in the home for 10 years or more, I think now is a good time to take advantage of the current advantageous affordability levels of homeownership.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Let's look at some of the factors in making such a decision:
Interest rates: Now is a good time to buy on interest rates alone. As mortgage interest rates rise, purchasing power falls. Rates are near historic lows right now.
The Federal Reserve will eventually raise some benchmark rates and it also has a large portfolio of mortgage securities to sell off in the future-- this will put upward pressure on rates.
Also, inflation is beginning to rise and some analysts think it will continue to creep upward. As inflation increases, lenders will want to hedge against the US Dollar being worth less-- and will raise interest rates as a means to that end.
Home Prices: The banks are trying to keep home prices from plummeting by slowly releasing distressed properties into the market. The predictions on home prices vary from a minimal decline from here to another 25% decrease. But, this is a very local issue that needs to be looked at carefully in the area of interest.
When the market does hit a bottom, it will most likely not rally like we had seen in the "bubble" period. The real annual return on a home is approximately the rate of inflation. Therefore, homebuyers should not be investors looking to "flip" homes for a profit, in my view.
Lastly, even if prices were to decline further a rising interest rate might wipe away as much purchasing power if you wait.
Mortgages: Banks have tightened their lending requirements post-bubble. A bigger downpayment is required and your credit history is very important. Currently the government guarantees over 90% of the mortgages in the market. The government will most likely begin backing away from this practice and when it does will most likely require about 20% as a downpayment.
Financial Situation: The housing market will most likely continue to be soft in the coming years. The sale of a home will not be quick or easy, most likely. It is important to purchase a home you feel you will be able to afford for a while and you should not stretch your budget to afford it.
Also, the buy versus rent argument goes that rents may rise while your fixed mortgage costs will not. A fixed interest rate mortgage is a good hedge for inflation because inflation will cause wage increases; this coupled with your fixed costs will help make it easier to afford the payments.
Again, if you are economically stable and plan to live in the home for 10 years or more, I think now is a good time to take advantage of the current advantageous affordability levels of homeownership.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Case Shiller Predictions For Home Prices In The US, Miami-Area And Fort Lauderdale Area: Homes For Sale: Homes For Rent
Case Shiller now predicts the US housing market will continue to see price declines into 2013. Case Shiller believes US home prices will be on par with prices in 1Q:11 in 1Q:13.
Case Shiller expects median home prices in the US to fall by an average of 3.1% between March 31, 2011 and March 31, 2012. After that, it expects to see prices increase by 2.7% until 1Q:13.
The reasons for this prediction is the weak job market and expectation for an economic recovery in the US. They point out the percentage of Americans who have jobs reached a 28-year low in July 2011. As a result, they argue despite attractive housing affordability, too few people can take advantage because of tightened lending standards.
With respect to two markets of interest: Miami metro area and the Fort Lauderdale metro area:
Case Shiller forecasts a further 22.8% decline over the next 24 months ending in March 30, 2013 in the Miami metro area(this is after prices fell 54% from the peak).
Case Shiller forecasts another 18.9% decline in home prices in the Fort Lauderdale area over the next 24 months ending in March 30, 2013.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Case Shiller expects median home prices in the US to fall by an average of 3.1% between March 31, 2011 and March 31, 2012. After that, it expects to see prices increase by 2.7% until 1Q:13.
The reasons for this prediction is the weak job market and expectation for an economic recovery in the US. They point out the percentage of Americans who have jobs reached a 28-year low in July 2011. As a result, they argue despite attractive housing affordability, too few people can take advantage because of tightened lending standards.
With respect to two markets of interest: Miami metro area and the Fort Lauderdale metro area:
Case Shiller forecasts a further 22.8% decline over the next 24 months ending in March 30, 2013 in the Miami metro area(this is after prices fell 54% from the peak).
Case Shiller forecasts another 18.9% decline in home prices in the Fort Lauderdale area over the next 24 months ending in March 30, 2013.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Banks Have A New Weapon In Dealing With Homes On Which It Has Foreclosed-- Bulldozers: Homes For Sale: Homes For Rent
With nearly 1.7 million homes in the US in some state of foreclosure and more coming on the horizon, some economists worry home prices will be depressed for years to come. How do we reduce the supply-- one way is with a bulldozer.
Some of the least valuable homes are being demolished. For instance, Bank of America recently announced plans to demolish 100 foreclosed homes in Cleveland; the land will be donated to local municipalities. JP Morgan Chase has beeen donating homes it could not sell or were not repairable.
Why would the banks do this? Once the property is donated no more tax or upkeep expenses are required. The lender may also be able to write-off the donation. Municipalities like it becasue they get free land to develop or leave as open space. The market may have a chance to stablize quicker because there is less inventory keeping prices depressed.
The fact that the banks are attempting to do something might be a good sign for the future. With undesireable, distressed homes lingering on the market, it is taking 9 1/2 months for the current number of homes on the market to sell at the end of June 2011; a healthy supply is six months of sales, according to many experts.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Some of the least valuable homes are being demolished. For instance, Bank of America recently announced plans to demolish 100 foreclosed homes in Cleveland; the land will be donated to local municipalities. JP Morgan Chase has beeen donating homes it could not sell or were not repairable.
Why would the banks do this? Once the property is donated no more tax or upkeep expenses are required. The lender may also be able to write-off the donation. Municipalities like it becasue they get free land to develop or leave as open space. The market may have a chance to stablize quicker because there is less inventory keeping prices depressed.
The fact that the banks are attempting to do something might be a good sign for the future. With undesireable, distressed homes lingering on the market, it is taking 9 1/2 months for the current number of homes on the market to sell at the end of June 2011; a healthy supply is six months of sales, according to many experts.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Number Of Contracts On Homes Increased And So Did Cancellations: Homes For Sale: Homes For Rent
More potential home buyers signed contracts in May 2011 on both a sequential and year-over-year basis, according to the National Association of Realtors (NAR). Pending home sales rose 2.4% in May over April 2011 and an increase of 30% over June 2010, according to NAR.
However, NAR also noted a huge jump in cancellations of pending home sale contracts. In May 2011 about 16% of contracts did not make it to a closing, which compares with the normal rate of about 4%, according to NAR.
Some reasons why: uncertainty about job security and the US economy; increased time needed to obtain financing; tighter underwriting restrictions; longer time to get appraisals completed; and the increased popularity of short-sales, which take longer than normal sales-- which causes some potential buyers to cancel as well.
The positive is potential homeowners are being more active. However, some of the same issues still remain: economy, financing and the patience required for distressed property sales.
If the potential homebuyer is aware of some of these potential issues, it will be easier for them to make a more firm commitment from the outset. That is why I try to educate my clients looking to purchase a home from the beginning of our journey of finding a suitable new home.
It is also important for my clients who are selling their homes to be aware of these issues as well. We try to mitigate the potential for problems later on in the process by bringing to light these same issues with the prospective buyer at the first sign of interest.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
However, NAR also noted a huge jump in cancellations of pending home sale contracts. In May 2011 about 16% of contracts did not make it to a closing, which compares with the normal rate of about 4%, according to NAR.
Some reasons why: uncertainty about job security and the US economy; increased time needed to obtain financing; tighter underwriting restrictions; longer time to get appraisals completed; and the increased popularity of short-sales, which take longer than normal sales-- which causes some potential buyers to cancel as well.
The positive is potential homeowners are being more active. However, some of the same issues still remain: economy, financing and the patience required for distressed property sales.
If the potential homebuyer is aware of some of these potential issues, it will be easier for them to make a more firm commitment from the outset. That is why I try to educate my clients looking to purchase a home from the beginning of our journey of finding a suitable new home.
It is also important for my clients who are selling their homes to be aware of these issues as well. We try to mitigate the potential for problems later on in the process by bringing to light these same issues with the prospective buyer at the first sign of interest.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Palm Beach County Florida See More Home Sales, Housing Prices Decline: Homes For Sale: Homes For Rent
Existing home sales in Palm Beach County increased 18% in the second quarter 2011 over the same time in 2010. This was better than the state of Florida, which had a 1% sales increase in the number of existing sales 2Q:11 over 2Q:10.
The increase in sales comes at a "price"-- a lower price. The median sales price for a single-family home in Palm Beach County fell 13% to $206,000 in 2Q:11 over the previous year. The median sales price in the state of Florida was down 5% during 2Q:10, to $134,600, versus the previous time frame last year.
Looking at the United States' housing market as a whole, there were less sales on a percentage basis and not as steep of a price drop when compared with Florida. Existing home sales nationwide fell almost 13% 2Q:11 over 2Q:10. The median existing single-family home price was $171,900 in 2Q:11, which was down 2.8% from the same time last year.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
The increase in sales comes at a "price"-- a lower price. The median sales price for a single-family home in Palm Beach County fell 13% to $206,000 in 2Q:11 over the previous year. The median sales price in the state of Florida was down 5% during 2Q:10, to $134,600, versus the previous time frame last year.
Looking at the United States' housing market as a whole, there were less sales on a percentage basis and not as steep of a price drop when compared with Florida. Existing home sales nationwide fell almost 13% 2Q:11 over 2Q:10. The median existing single-family home price was $171,900 in 2Q:11, which was down 2.8% from the same time last year.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Case Shiller Index: May 2011: Some Seasonal Improvement in Home Prices: Homes For Sale: Homes For Rent
The US housing market showed about a 1.0% sequential price increase in May 2011, according to the Case Shiller Home Price Index. However, this can be attributed to seasonal selling patterns as opposed to a strengthening in the market.
The seasonality argument comes from looking at the US as a whole on a year-over-year basis in May 2011. When looking at the Case Shiller Index in that way, 19 of the 20 cities saw prices drop; the exception being Washington, DC. I attribute this to the concentration of government employees.
Case-Shiller Index points out that the average US home in May 2011 is back to the levels in the summer of 2003.
The Miami area saw a 1.2% sequential price increasein May 2011 and a 5.3% decrease on a year-over-year basis. The Tampa area saw a 0.6% sequential drop and a 9.5% decrease, respectively.
Some other areas of interest are as follows:
May 2011 May/April April/March
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.98 2.7% -0.2% -3.2%
Chicago 112.01 1.7% -0.4% -8.1%
Miami 138.60 1.2% -0.2% -5.3%
Minneapolis 108.34 2.6% 0.1% -11.7%
New York 164.96 0.7% 0.9% -3.2%
Tampa 125.10 -0.6% -0.6% -9.5%
Composite-10 153.64 1.1% 0.6% -3.6%
Composite-20 139.87 1.0% 0.6% -4.5%
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 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
The seasonality argument comes from looking at the US as a whole on a year-over-year basis in May 2011. When looking at the Case Shiller Index in that way, 19 of the 20 cities saw prices drop; the exception being Washington, DC. I attribute this to the concentration of government employees.
Case-Shiller Index points out that the average US home in May 2011 is back to the levels in the summer of 2003.
The Miami area saw a 1.2% sequential price increasein May 2011 and a 5.3% decrease on a year-over-year basis. The Tampa area saw a 0.6% sequential drop and a 9.5% decrease, respectively.
Some other areas of interest are as follows:
May 2011 May/April April/March
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.98 2.7% -0.2% -3.2%
Chicago 112.01 1.7% -0.4% -8.1%
Miami 138.60 1.2% -0.2% -5.3%
Minneapolis 108.34 2.6% 0.1% -11.7%
New York 164.96 0.7% 0.9% -3.2%
Tampa 125.10 -0.6% -0.6% -9.5%
Composite-10 153.64 1.1% 0.6% -3.6%
Composite-20 139.87 1.0% 0.6% -4.5%
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 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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