South Florida Bucks National Trend with Rising Home Prices

by Isaac Benmergui, Esq on June 11, 2012

As home prices pitched further down in other parts of the country, South Florida’s Miami-Dade, Broward and Palm Beach counties reported a 2.5 percent increase in home prices for March.

The Standard & Poor’s Case-Shiller index, which reported the numbers is used as a barometer of housing market health across the country. The index measures sales in the 20 largest housing markets nationwide and uses data from home sales only, not condominiums. Economists discussing the Case-Shiller index offered that South Florida’s beaches and warm weather drives sales up.

The shadow inventory of homes – those in the foreclosure process – hitting the market and the European economic crisis could have an effect on the housing market recovery, but that possibility could remain unknown for several months.

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