Large institutional investors seems to be reducing supply by taking out large chunks of homes in the distressed market. All the while, banks seem to be trickling out its in-house foreclosures. Traditional buyers continue to be out there in the market as low rates help to make buying a home affordable for many. I believe these are some of the main reasons for the reduction in inventory levels and rise in prices.
The South Florida market remains strong. Sequentially home prices rose 0.8% and increased year-over-year by 9.9% during November 2012.
To quote the Case Shiller report: "The Southwest – Las Vegas and Phoenix – are staging a strong comeback with the Southeast -- Miami and Tampa close behind." The report went on to say, "housing is clearly recovering. Prices are rising as are both new and existing home sales. Existing home sales in November were 5.0 million, highest since November 2009. New Home sales at 398,000 were the highest since June 2010."
Some areas of interest:
| November | Monthly | Sequential | Annual |
| Metropolitan Area | Level | Change | Change |
| Boston | 153.74 | -0.90% | 2.30% |
| Chicago | 113.35 | -1.30% | 0.80% |
| Miami | 151.13 | 0.80% | 9.90% |
| Minneapolis | 126.41 | 1.00% | 11.10% |
| New York | 162.86 | -1.10% | -1.20% |
| Tampa | 133.77 | -0.20% | -0.50% |
| Composite 10 | 158.28 | -0.20% | 4.50% |
| Composite 20 | 145.82 | -0.10% | 5.50% |
| Source: | |||
| S&P Indices | |||
| Firserv |
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
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