Those of you who follow the ups and downs of the Miami Beach real estate market will likely appreciate some encouraging news that emerged last month. The month of August at last saw some improvements in the building of new homes around the country. Almost 600,000 new homes broke ground in August, a humble albeit heartening one percent improvement over the numbers reported back in July. Permits for new building also saw some small progress of a little over two percent from the 564,000 numbers also reflective of July’s activity.
As is the case with nearly any good news that emerges as of late regarding Miami Beach real estate, there is also some not quite so positive news accompanying the improvement in home building activity. Even though builders are gradually beginning to see the demand for housing pick up again, single family homes were not in fact part of these new building permits as they actually fell three percent last month.
Real estate experts suggest that despite the plunge in building activity for single family homes, this is yet another indicator that the much discussed housing bottom is very near, if not already here. Although many say the market won’t start to see real improvements until 2010, this does lend more credibility towards the possibility of a looming and much desired recovery for Miami Beach real estate. Could this latest report plus the recent boost in home sales indicate that the housing market may finally return to normalcy sooner than expected?