A recent report by the National Association of Realtors shows that homes prices have continued to steadily rise in South Florida’s real estate market.
House values in Miami-Dade, Broward and Palm Beach counties rose 7.7 percent in September, compared to September 2014. Prices have also grown in double digit rates since 2012.
The rise of home price and shortage of home availability has strained the housing markets. Home buyers have been affected by concerns about potentially increasing mortgage rates as the concerns over the rate hike by the Federal Reserve continue to persist.
Analysts expect that the Federal Reserve will raise rates during its meeting in December. As the target federal funds gets raised, the interest rates and mortgage rates would also increase.