Tuesday, July 26, 2011

South Florida home prices rise in May

Note: While this is a good sign for the housing market, it does not necessarily mean that we are rebounding.  The market should fluctuate before a slow rebuilding period.

Herald story:
After falling for nine months straight, single-family home prices in South Florida rose in May as the spring buying season boosted values, according to Standard & Poor’s Case-Shiller 20-city housing index released Tuesday.
Home prices in the region including Miami-Dade, Broward and Palm Beach counties rose 1.2 percent between April and May, after falling 0.2 percent to a new recession low in April.

Still, compared to the same month last year, prices were down 5.3 percent, as foreclosures and distressed short sales continued to dominate the market.

Prices are back on the level they were at in the summer of 2003, according to the Case-Shiller index, which tracks repeat sales of existing homes and does not include condo sales.

Nationwide, prices across the top 20 cities rose 1 percent in May but remained 4.5 percent below their year-ago levels.

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