Core Logic announced this week that in the past 12 months in July, home prices have risen 3.8%. This is what experts are considering another sign of the housing recovery. This comes on the heels of more good news released by Case-Shiller and the federal housing department and all are reporting increases. Further, the price of homes rose in July from June by 1.3%. This is the third in a line of excellent news for the national housing market. Supply of homes nationwide remains tight since banks are not releasing foreclosures and mortgage rates are at all time lows, which means many people are refinancing.
In Miami Beach, we are currently at a 3 month supply. In the luxury market especially, we are really seeing increases in prices. The new listings are one indicator. A-Rod listing his home for 38 milllion in the wake of the Indian Creek sale of 48 million is another reason homes are really selling. The market is still 27% below the high point of April 2006, so it is also still a great time to buy and take advantage of the quickly increasing prices. If you are interested in buying or selling a home, contact us today.