South Florida Home Prices On The Rise
Home values in Palm Beach, Broward and Miami-Dade counties inched up 0.2% from November, according to the Standard & Poor’s/Case-Shiller home price index. In the rest of the nation home prices in 2011 ended on a downer. In South Florida, the number of homes for sale has declined sharply over the past year.
Case-Shiller’s “Miami” real estate index was one of only two to increase between November and December. While still down about 3% from a year ago, the December yearly decline was the lowest for 2011.
The monthly gain for December was up a measly . 2%. But, out of the 20 metropolitan areas tracked by Case-Shiller, only Phoenix joined Miami in showing an increase in December.
Competition among buyers is heating up which is helping to stabilize prices in some areas. Case-Shiller is one of the most respected measures of home prices because it tracks the price of the same house over time.
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