South Florida Housing Market is Showing Signs of Recovery

August 29, 2012

Over this past year we have seen quite an improvement in the luxury oceanfront housing market. There is more confidence in the housing market as a whole, and people are spending money again. According to a report by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, newly built, single-family home sales have increased by 3.6 percent.

“Sales of new homes in July returned to the same solid pace they set in May, which was the fastest sales rate we’d seen in more than two years,” National Association of Home Builders Chairman Barry Rutenberg said in a separate statement. “This is further evidence that consumers are becoming more confident in local housing markets as they look to take advantage of today’s very favorable prices and interest rates.”

Another positive sign for South Florida luxury waterfront real estate is the fact that the median sales price of luxury oceanfront condominiums are up 35.4 percent this year. Keep in mind though that it’s still possible to get a great deal on a luxury oceanfront condo, if you can find one available. The luxury oceanfront condo inventory is shrinking by the day.

“The fact that the inventory of new homes for sale reached an all-time low in July is a worrisome signal that ongoing, unnecessary tight credit conditions are keeping builders from being able to replenish supplies as consumer demand improves,” said David Crow, NAHB’s chief economist.

Full Story: The Miami Herald