With home prices continuing to climb in the Delray Beach area, it might make sense if you are thinking of selling your home to list it now. If you are expecting to purchase a home in the Boca Raton or Boynton Beach area, now could be a good time as prices continue to rise. Call me on my cell phone at 561-247-3550 in order to discuss your situation.
The price of homes in the US rose by about 4.8% in May 2015 over May 2014, according to the Case Shiller Home Price Index when looking at the 10-City and 20-City composite. The Case Shiller Index shows South Florida home prices increased by 8.0% on a year-over-year basis in May 2015.
David Blitzer, Managing Director and Chairman of the Index Committee stated, "as home prices continue rising, they are sending more upbeat signals than other housing market indicators." He continued, "nationally, single-family home price increases have settled into a steady 4%-5% annual pace following the double digit bubbly pattern of 2013. Over the next two years or so, the rate of home price increases is more likely to slow than accelerate. Prices are increasing about twice as fast as inflation or wages."
I found the comments on first time home buyers in the report to be interesting. David Blitzer said, "first time home buyers are the weak spot in the market. First time buyers provide the demand and liquidity that supports trading up by current home owners." He also quoted research by the New York Fed that pointed to "the size of mortgage down payments as a key factor". The press release stated, "mortgage rates are far less important to first time home buyers than down payments."
Measured from the peak in June/July 2006, the current decline is approximately 13%-15% off the top. Since the bottom in March 2012, the 10-City and 20-City composites have recovered, 32.5% and 33.5%, respectively.
Other areas of interest:
| May-15 |
Monthly |
Sequential |
Annual |
| Metropolitan Area |
Level |
Change |
Change |
| |
|
|
|
| Boston |
179.3 |
1.50% |
2.20% |
| |
|
|
|
| Chicago |
130.81 |
1.30% |
2.20% |
| |
|
|
|
| Miami |
200.07 |
0.80% |
8.00% |
| |
|
|
|
| Minneapolis |
144.45 |
1.10% |
3.00% |
| |
|
|
|
| New York |
177.4 |
1.00% |
3.00% |
| |
|
|
|
| Tampa |
169.39 |
0.70% |
6.40% |
| |
|
|
|
| Composite 10 |
194 |
1.10% |
4.70% |
| |
|
|
|
| Composite 20 |
179.03 |
1.10% |
4.90% |
| |
|
|
|
| Source: |
|
|
|
| S&P Indices |
|
|
|
| Firserv |
|
|
|
I take an analytical approach to buying, selling and leasing real estate. If you are thinking of selling or buying a home in Boca Lago in Boca Raton, 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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