The Case-Shiller index of housing prices has revealed figures from the close of 2012 that provide evidence of a burgeoning housing market in Florida. House prices in South Florida in particular are rising at the same pace as seen in 2006, towards the tail end of the real estate boom.
Once a source of unwelcome news that converted the declining house values into a series of disheartening figures and charts, the index has recently provided the residents of South Florida with the positive and much welcomed news of the continued value being accrued by many homes in the area as the real estate market undergoes something of a turnaround.
According to the statistics, home prices were up by 10% in November compared with the same period last year, and are up 8% compared with ten years ago. Although the real estate market is still 47% off its peak, which hit in May 2006, the 10% growth signifies the fastest gain since September 2006.
Moreover, the November figures cite the month as being the twelfth in a row to have incurred a monthly gain. According to Case-Shiller, this is the longest run of increased value since 2006. The real estate market nationwide is able to finally breathe a sigh of relief as the rebound continues to gain momentum.
South Florida is amongst the most popular areas for purchasing property in America, with investors eager to take advantage of the low house prices teamed with the continuation of rising house values forecast for the state.
