South Florida Home Price Increasing Faster Than Most: Case-Shiller Index April 2013

The South Florida real estate market saw prices increase by 13.0% in April 2013 over April 2012.  The average US market was about 12.0% on a year over year basis in April 2013.  On a sequential basis, prices were up 2.4% for the South Florida market in April 2013, which was about in line with the national average.

Language in the Case-Shiller report indicated rising mortgage rates will not interfere with the housing rebound.  The report talked about consumers shifting to an adjustable mortgage and away from fixed mortgages in times of rising rates.  The report also alluded to the fact that some banks are easing credit restrictions.

I tend to agree, but for different reasoning.  During the next six months (i.e., until the end of the year), I suspect those who were thinking of purchasing a home will jump in before mortgage rates climb higher.  This will inflate the short term units sold as well as help to push up prices as more demand enters the market.  However, the longer-term effects of rising rates are more cloudy, in my opinion.

Some of the other areas of interest:

Apr-13	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	159.14	2.20%	8.10%
Chicago	113.69	2.70%	9.30%
Miami	159.65	2.40%	13.00%
Minneapolis	126.81	2.90%	14.80%
New York	163.05	1.10%	3.20%
Tampa	142.1	1.70%	11.30%
Composite 10	165.63	2.60%	11.60%
Composite 20	152.37	2.50%	12.10%
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.

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