While the rest of the country is slowly declining on their home price, Miami and Miami Beach continues to increase in most metro areas.
According to the Miami agent magazine.com, "September rose 10.3% year over year and .6% from August." This is also according to the Case-Shiller home price index from Standard & Poor's. [Source]
Nationwide, local trends show home prices slightly down year-over-year. And the national Case – Shiller Index was down .1% from August to September, the first monthly decrease for the index since November, 2013. 18 out of the 20 cities that the S & P tracks reported slower annual gains from August to September.
The Wall Street Journal states that prices in 2014 are trending 5% above 2013 and much better than 2010 but still are slowly declining.
But, that's national, here in the Miami and Miami Beach Metro area, home prices increased by 10.3% as one of the best in the nation and the only double-digit increase. With the new properties being built, major metropolitan industries on the rise, new home subdivisions and condominiums, the Miami and Miami Beach area is bursting with home improvement and an active housing recovery.
The managing director of the index committee at S & P puts the housing market into perspective: "other housing statistics paint a mixed to slightly positive picture. Housing starts held above 1 million and annual rates on gains in single-family homes, sales of existing homes are gaining, builders sediment is improving, foreclosures continue to be worked off and mortgage default rates are at precrisis levels. The housing outlook for 2015 is stable to slightly better."
Because of our healthy housing recovery, foreclosures and short sales are on the decline. However, deals and bargains can still be found out there and there still are short sales but no more than a typical housing market. Certainly not where we saw short sales and foreclosures in 2008 and 2009. According to the Miami agent, "existing home sales have seen their first yearly increase in about 12 months". This is great news for our economy, our housing market, and the general health of our community. Miami continues to be one of the nations top 10 construction markets in the US. [Source] For more information on the Miami or Miami Beach real estate market feel free to give me a call at any time or browse the website and blog for more details.