South Florida Home Price Increases Among the Best in the Nation
According to the most recent S&P/Case-Schiller Home Price Index, home price increases in South Florida are among the best in the entire country right now, as Palm Beach, Broward, and Miami-Dade counties saw an 8.4 percent jump in December from a year ago—a percentage that’s only 2nd to San Francisco’s 9.3 percent increase.
Many housing experts across the U.S. consider Case-Shiller to be the best indicator of home prices due to it tracking individual houses over time rather than using median home prices and sold homes in any given month.
However, it’s important to note that the index isn’t fully up-to-date with Realtor board numbers, not to mention it doesn’t include condo prices, which are especially relevant in oceanfront communities around Palm Beach County.
One contributing factor to the boost in home prices are rising rents all across South Florida, which are consequently pushing some people into homeownership. Data from late last summer showed that renters across the region, on average, spend 44 percent of their incomes on housing, which is far more than the national average of roughly 30 percent.
For those in a position to buy, the decision to make the transition from renting to owning seems like a no-brainer given higher rental rates, but one potential problem that continues to slow the full housing recovery is that many would-be homebuyers simply can’t come up with the higher down payments that many lender still require in order to purchase a home.
Even still, the continued growth of home prices all around South Florida is still a bright spot for the area’s housing industry, especially as home prices in many other parts of the nation are slowing at equally rapid paces.
For more information on Jupiter real estate for sale and the real estate all around Palm Beach County, contact The Snyder Group today at (561) 951-9301.
