Prices for homes jumped 3.8 percent in the 12 months ending in July. This is the latest indicator of the housing recovery and it is the largest increase in 6 years. Core Logic also reported that home prices rose 1.3% in July from June, making it the fifth month in a row of increases. The Case-Shiller index posted the first annyal increase in two years last week and the federal government housing agency also reported annual increases. Sales of new and previously owned homes are up, and builder confidence has been increasing and new construction is on the rise as well.
Experts are saying that this is just the beginning of the recovery. The market is still 27% below its’ peak in 2006, however prices of homes continue to increase because there is a tight supply. Banks are not releasing foreclosures and with the mortgage rates at all time lows, many distressed sellers are able to retain there home with a loan modification. In Fort Lauderdale, we are witnessing a very short supply and buyers are still swarming the area. Since prices are still below the peak, it is an excellent time to buy, as well as a great time to list. If you would like information on our programs for buyers and for sellers, contact either Peter Barkin at 954.675.6656, or Mark Gilman at 954.557.8777.