Home prices increase in South Florida
Key Points(5)
- South Florida home prices have been steadily rising since 2012.</span> The market has been on a tear since 2012, when prices hit bottom after the six-year bust.
- But some sellers stubbornly insist on overpricing properties, and buyers are starting to push back, real estate agents say.
- Transactions in Miami-Dade dropped by less than 1 percent, a fifth consecutive decline.
- Miami-Dade is heavily reliant on international buyers who are pulling out because of falling foreign currencies.
- </div> </aside>House values in Miami-Dade, Broward and Palm Beach counties rose 7.7 percent in September last year, compared to September 2014.
Home prices steadily rising since 2012
New reports show rising home prices in South Florida this past February, according to local real estate associations.Broward County’s median price for single-family homes rose 5 percent at $299,000, while Palm Beach County’s median prices rose 11 percent to $295,000. South Florida home prices have been steadily rising since 2012.
The market has been on a tear since 2012, when prices hit bottom after the six-year bust. But some sellers stubbornly insist on overpricing properties, and buyers are starting to push back, real estate agents say.
In Broward, sales grew 13 percent, to 1,175 from 1,039 a year earlier. Transactions in Miami-Dade dropped by less than 1 percent, a fifth consecutive decline. Miami-Dade is heavily reliant on international buyers who are pulling out because of falling foreign currencies.
House values in Miami-Dade, Broward and Palm Beach counties rose 7.7 percent in September last year, 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 last year expected that the Federal Reserve would raise rates during its meeting in December. As the target federal funds gets raised, the interest rates and mortgage rates would also increase.
