To further support evidence of recovery taking place across the real estate market, the Standard & Poor's/Case-Shiller house price index report has revealed that home prices in South Florida have risen for the 13th month in a row as of January.
Put simply, the Case-Shiller index measures the housing market by focusing on specific properties month-on-month and compiling a database of the values for tracking purposes. The latest findings, taken from January's figures, reveal a much-welcomed 10.8% rise compared to values taken from the same period of the previous year, making this the 13th consecutive month to have experienced growth.
It is not only the 'Sunshine State' seeing market growth; the statistics also demonstrate improvements across the whole of America, with the largest and most promising gains having been recorded since 2006. Of the 20 metro areas covered in the data, all have seen value added to their property markets. Phoenix tops the leader's board with a 23% increase.
Methods used to track property values vary; some analysts look to the median house value of a specified area as a method of collecting data and measuring activity, but whatever the method there are definitive signs of real estate recovery across the nation's property markets.
According to the Greater Fort Lauderdale Realtors, Broward County's median price in February was $227,000, which is a 23% increase from the year before. In addition, Palm Beach County experienced a value increase of 27%, taking the median house price to $235,000, according to the Realtors Association of the Palm Beaches.
David M Blitzer, chairman of the index committee at Standard & Poor's, stated: "Economic data continues to support the housing recovery."
