Home prices in Palm Beach, Broward and Miami-Dade counties soared 13 percent in April from the same time last year, according to the SP/Case-Shiller home price index released this morning.
The area’s monthly gain in April from March of 2.4 percent is the highest in more than seven years, while the overall index, which measures 20 major metropolitan areas nationwide, reported the highest monthly gains in the history of the report.
“The recovery is definitely broad based,” said David Blitzer, chairman of the index committee. “The composites showed the largest year-over-year gains in seven years. Recent economic data on home sales and inventories confirm the housing recovery’s strength.”
South Florida’s home prices are now at the pre-bust level of October 2003.
The increases are making it tough for traditional homebuyers, said Lake Worth-based Realtor Glen Gurvitch.
“The new normal is sending 30-40 offers per day, with the hopes of landing just one,” said Gurvitch, who represents national and international investors. “Homes listed for $80,000 are closing for $110,000 to $125,000 every day. Day one of the listing we are seeing 10 realtors at the property just like the days of 2005.”
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on Tuesday, June 25th, 2013 at 8:18 am and is filed under Florida economy, Housing affordability, Housing boom, Mortgages, Real estate bust.
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