Broward County residents thinking of entering the residential real estate market have probably heard about home prices dropping throughout the nation in February, the latest month for which numbers have been reported. February marked the sixth straight month of home price declines.
The report, however, continues the trend we've observed in previous posts: South Florida is the exception. Of the 20 cities that the Standard & Poor's/Case-Shiller home-price index tracks, Miami was one of only three cities where the prices actually increased. Prices fell in 15 of the 20 cities.
All eyes are on the housing market and unemployment numbers as the nation tries to claw its way out of an economic downturn. Sometimes reports conflict, but most news-watchers agree that the housing market in general is in for a long struggle back to acceptable levels.
Some people attribute the otherwise negative numbers from February to the usual seasonal decline that comes with the winter months. That could be the case, as other reports and former posts on this blog have noted that sales of previously occupied homes are on the rise, along with the number of permits requested for new residential development in 2012.
While reports of negative numbers in the housing market continue to appear, South Florida is proving to be the exception. With both commercial and residential real estate starting to make a comeback in Broward, Miami-Dade and Palm Beach counties, many residents will want to stay tuned for all the latest developments as they impact this area.
Source: Associated Press, "US home prices drop for 6th straight month," Christopher S. Rugaber, April 24, 2012