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Home Sales Flirting with New Records in Miami-Dade

Home sales flirting with new records in Miami-Dade

Some key real estate records are finally falling again in South Florida.

Prices remain about 40 percent below peaks set in 2006 and about a third of all homes carry loans larger than what they’re worth, but sales have moved very close to new record levels.

Home sales back to boom records levels

This chart tracks a 12-month average of sales of existing single-family homes in Miami-Dade County, as reported by the Miami Association of Realtors. The current monthly average of 1,052 homes per month is just 4 percent below the past peak of 1,093 homes set in June 2004.

To appreciate just how strong of a comeback that represents, consider that in July 2008, the monthly average hit just 330 homes. That was a 70 percent plunge — a depressed market in crisis by any measure.

While the overall sales level remains just below peak, some months have already set new records. In 2013, February, May and July all posted record sales. The August numbers are set to be released Sept. 19.

Read more here: http://www.miamiherald.com/2013/09/04/3605396/home-sales-flirting-with-new-records.html#storylink=cpy

I hope you find this information useful. I’m here to assist you with all your South Florida real estate. Contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 5 Comments »

Home Prices in 2012: Best Year-on-Year Gain in Six Years

Home Prices in 2012: Best Year-on-Year Gain in Six YearsRising Home Prices

Posted By susanne On February 7, 2013 @ 4:09 pm In Business Outlook,Consumer News and Advice, Finance and Economy, Real Estate Information, Real Estate Trends, Today’s Marketplace, Today’s Top Story

CoreLogic, a leading residential property information, analytics and services provider, recently released its December CoreLogic HPI report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.4 percent in December 2012 compared to November 2012. The HPI analysis shows that all but four states are experiencing year-over-year price gains.

Excluding distressed sales, home prices increased on a year-over-year basis by 7.5 percent in December 2012 compared to December 2011. On a month-over-month basis, excluding distressed sales, home prices increased 0.9 percent in December 2012 compared to November 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that January 2013 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from January 2012 and fall by 1 percent on a month-over-month basis from December 2012, reflecting a seasonal winter slowdown. Excluding distressed sales, January 2013 house prices are poised to rise 8.6 percent year over year from January 2012 and by 0.7 percent month over month from December 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

Rising Miami Home Prices, Inventory Shortage Create Opportunity for Sellers

Rising Miami Home Prices, Inventory Shortage Create Opportunity for SellersHousing Prices

Submitted by Lynda Fernandez

Miami, FL – Miami home prices rose again in September, marking 10 consecutive months of appreciation, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of Miami-Dade condominiums, which has increased each of the last 15 months, rose 36.2 percent to $150,000 compared to a year earlier. The median sales price of single-family homes rose 8.6 percent to $190,000.

“The Miami real estate market continues to strengthen despite the shortage of housing inventory,” said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. “We’ve seen nearly an entire year of significant monthly price increases, which makes now a great time to sell a home. Miami properties sell very quickly and draw multiple offers when priced right.”

In September the average sales price for condominiums in Miami-Dade County increased 30.2 percent to $277,774. The average sales price for single-family homes decreased 6.1 percent to $315,521.

Florida Statewide Home Prices

Statewide median sales prices in September increased 7.4 percent to $145,000 for single-family homes and 18.8 percent to $105,376 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $183,900 in September, an 11.3 percent increase from September 2011, according to the National Association of Realtors (NAR).

Miami Home Sales Rise Again in September

Total residential sales in Miami-Dade County Read the rest of this entry »

Written by Michael Solovay | Discussion: 1 Comment »

Home Prices Hit 20-month High

Home Prices Hit 20-month HighRising Property Values

FNC’s latest Residential Price Index™ (RPI) indicates that U.S. property values continue to rise. Home prices reached a 20-month high following a robust spring/summer homebuying season. In August, home prices rose for the sixth consecutive month, consistent with signs of strengthening market conditions that are led by rising existing-home sales and declining foreclosure activities. Foreclosure sales, down from 23 percent a year ago to 17.4 percent in August, continue to play out favorably on current price trends.

Nationwide, August home prices – based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas – were up at a seasonally unadjusted rate of 0.3 percent from the previous month. On a year-over-year basis, home prices rose 1.5 percent from August 2011. Year to date, home prices were up nearly 5.0 percent from January.

FNC’s RPI is the industry’s first hedonic price index built on a comprehensive database that blends public records of residential sales prices with real-time appraisals of property and neighborhood attributes. As a gauge of underlying home value, the RPI excludes sales of foreclosed homes, which are frequently sold with large price discounts reflecting poor property conditions.

All three FNC RPI composites (the National, 30-MSA, and 10-MSA indices) show similar up-trend, rising month-to-month for six consecutive months since March. There are signs that the upward momentum subsided somewhat in August, with the two broader indices up only 0.2-0.3 percent from July. On a year-over-year basis, home prices nationwide strengthened Read the rest of this entry »

Written by Michael Solovay | Discussion: 2 Comments »

REAL Trends Housing Market Report

REAL Trends Housing Market Report – August 2012

The REAL Trends Housing Market Report presents regional and national trends in the residential real estate market.  This latest report was released September 24, 2012.

The housing market continues to gain strength for the 12th consecutive month in August.  In the South, the sale of new and existing home units was up 13.1% while prices increased by 4.8%, compared to a year ago.

[youtube]http://www.youtube.com/watch?v=TE5N2fe44_o[/youtube]

I hope this information is useful to you.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

What’s Happening in Florida’s Housing Market?

What’s Happening in Florida’s Housing Market?

In this Market Minute, Florida Realtors® Chief Economist Dr. John Tuccillo updates you on the state’s latest housing statistics and provides insight into what the numbers really mean.

I hope you find this information useful.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Home Prices Rise in Half of U.S. Cities as Markets Stabilize

Home Prices Rise in Half of U.S. Cities as Markets Stabilize

May 7 (Bloomberg) — Michelle Meyer, a senior economist at Bank of America Merrill Lynch, talks about the U.S. economy and real estate market. She speaks with Tom Keene on Bloomberg Television’s “Surveillance Midday.” (Source: Bloomberg)

I hope this information is useful to you.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

South Florida Home Prices On The Rise

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.

Case Shiller South Florida

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.

Let me assist you with all your South Florida real estate needs.  Contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

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