Pavilion from the Ocean

Pavilion from the Ocean

Welcome to

This forum, by owners for owners, provides useful information for owners to view and discuss.

This blog does not belong nor represents the views of the Pavilon Condo Association

You can subscribe to the blog by entering your email on the upper hand side on the blog. You will then receive an email with a link that you must click on to complete the subscription. Then every time the blog is updated you will receive an email message.

Freddie Mac: South Florida housing market continues to improve

South Florida ranks as the nation's 25th most stable housing market, according to a report Wednesday from mortgage company Freddie Mac.

Palm Beach, Broward and Miami-Dade counties scored 91.7 on Freddie's Multi-Indicator Market Index for May. That's up 13 percent from a year earlier.

Freddie Mac determines a composite score for the nation's 100 largest metro areas after analyzing home loan applications, affordability, mortgage delinquencies and employment. A score of at least 80 is considered stable. A perfect score is 100.

The tri-county region has the highest score of the eight Florida metros included in the report. South Florida's 91.7 is more than double its all-time low of 45.3 in October 2010.

The U.S. index score in May was 85, up 7 percent from a year ago. Honolulu, Hawaii, and Salt Lake City, Utah, shared the top spot among metros.

 Len Kiefer, deputy chief economist for Freddie Mac, said in a statement that "the majority of Southern states showed stronger employment growth than the national average and all of the eight markets in Florida that MiMi tracks are now back to their historic benchmark levels of housing activity."

In South Florida, prices are on the rise, mostly due to a lack of homes for sale, real estate agents say.
The median prices for existing, single-family homes in all three counties topped $300,000 in June, according to figures last week from local Realtor boards. Median prices for existing condominiums also were higher in June than they were a year ago.

Judy Trudel, an agent in Broward and Palm Beach counties, said some sellers "continue to push the envelope" by asking too much for their homes. But buyers are resisting, and that's keeping the market from getting out of hand, she said.

"Back in the boom, sellers would put crazy prices on the homes – and get them," Trudel said. "But [today's] market is pretty healthy. If sellers put a fair and reasonable price on a home, it will sell."

No comments: