Ft Lauderdale Real Estate News 5/25/17
Ft. Lauderdale Home Prices Appreciate 6% Annually
Property values in Fort Lauderdale and throughout South Florida appreciated 6% annually according to the latest S&:P Case-Shiller Home Price Index.
Released by CoreLogic and S&P Dow Jones Indices for March 2017, covering all nine census divisions across the U.S.. the HPI shows home prices nationwide increased 5.8% over the 12 month period dating back to March of 2016 to the highest level in 33 months. The 20-City Composite and 10-City Composite indices both rose annually by 5.9% and 5.2% respectively.
“Home prices continue to rise with the National Index increasing 5.8% over the course of the year ending in March, the fastest pace in almost three years,” explains S&P Dow Jones Indices managing director David Blitzer. “While there is some regional variation, prices are rising across the United States.”
The largest gains in the country are being reported in the Pacific Northwest, with Seattle, Washington leading the nation with an annual price increase of 12.3%, and Portland, Oregon second at 9.2%. Dallas, Texas follows with 8.6%, and Denver, Colorado is fourth with 8.4%.
Fort Lauderdale and South Florida
Comprised of Broward, Miami-Dade and Palm Beach counties, the reporting area of South Florida once again topped the national average as a limited supply of homes for sale are pushing prices higher according to analysts.
In his statement accompanying the release of the HPI Blitzer points out when the increases in home values will start tapering off, because properties for sale are hard to find, partly because owners are remaining longer in their homes, and higher interest rates for mortgages might be discouraging owners from selling.
“While prices cannot rise indefinitely," says Blitzer, "there is no way of telling when rising prices and mortgage rates will cause a slowdown in housing."
Chief economist for the embattled real estate website Zillow, Svenja Gudell agrees the market for low and middle priced properties should continue to favoring sellers.
“Prepared, patient buyers who have gotten pre-qualified, have done research, will enjoy the most success," she states. "Sooner or later conditions will change as builders bring more inventory onto the market, more sellers emerge from the woodwork, and home price appreciation cools as mortgage interest rates slowly rise.
“But for now and the foreseeable future," says Gudell, "I am not exactly holding my breath.”
Starter Homes Tough to Find
In Fort Lauderdale and throughout Broward County and South Florida, houses priced at...