Hit hard by the housing downturn, Florida is one of two states that realized gains of more than 4 percent in home prices, according to a quarterly housing valuation analysis by IHS Global Insight.
In South Florida, prices started to inch up in the third quarter.
In the Miami metropolitan area, prices increased to an average of $191,200 from $182,900 in the previous quarter. However, they remain down significantly from the third quarter of 2007, when the average price was $312,600.
The Fort Lauderdale metropolitan area saw a slight improvement, with an average price in the third quarter of $148,000, up from $147,700 in the previous quarter, but still down from $248,600 in the third quarter of 2007.
The West Palm Beach metropolitan area saw the average home price inch up to $164,400 in the third quarter from $163,600 in the previous quarter. In the third quarter of 2007, the average home price was $262,000.
Nationwide, in year-over-year terms, house prices increased during the third quarter by 0.9 percent, according to the Federal Housing Finance Agency, the first since the second quarter of 2007, when the national housing market began its slide. From its peak in 2007, the U.S. housing market is now down 10.7 percent, on average, the IHS noted.
For the first time since the IHS study began in 2005, no metropolitan areas were extremely overvalued. There were 52 in 2005.
Homes in Miami-Dade County were deemed fairly valued, while those in Broward and Palm Beach counties were considered undervalued.
For the nation as a whole, the housing market is now slightly undervalued – 8.6 percent when weighted by market value and 10.1 percent when weighted by housing units, according to IHS.
“While the rate of decline has decreased throughout the year as the market began to stabilize,” said James Diffley, group managing director of IHS Global Insight's Regional Services Group, in a news release. "It's not at all clear that the market is on a recovery path."
Source: http://southflorida.bizjournals.com/southflorida/stories/2009/12/14/daily68.html
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
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