In Miami, people can see one of the highest sales activity in a period of seven years. Sales have jumped 15.4 percent to 6,416 Miami condos, townhomes, and single-family homes during the second quarter of the year. Such quarter reflected continuing momentum of the market. The number of distressed properties fell to a huge 44.1 percent from the previous year, thereby contributing to a market-wide shortage of home inventory. Most of the sales in the second quarter of the year are all-cash deals, covering around 63.5 percent.
For the nationwide basis, the prices of United States homes have increased by 11.9 percent in June of 2013, which shows how strong the demands are despite of the low supply of homes for sale. A real estate provider said on Tuesday that home prices have climbed on an annual basis in 48 different states. The prices of homes fell only in two places, which are Mississippi and Delaware. Every place but one of the 100 largest cities have reported price gains.
The Situation in Different States
Nevada led all states when it comes to annual gains, and its gain is equivalent to 26.5 percent. It was followed by California, where there is 21.4 percent gains, Wyoming with 16.7 percent, Arizona with 16.2 percent, and of course, Georgia with 14.3 percent.
Not including the distressed sales, Florida ranked on number 5 nationally when it comes to home price gains, with a 12.7 year-over-year increase. However, Florida is still on number 2 when it comes to the biggest peak-to-current price declines when all types of home sales are covered, with a drop of 38.6 percent.
When it comes to Miami-Dade, the home prices increase by 13.5 percent in June of this year, compared to last year’s figures. But without distressed sales, the prices of homes increase to 18.2 percent over the same month. Moreover, Broward increases were quite dramatic too. The prices rose by 13 percent for June on the same month when distressed sales were included, and 15 percent when such sales were excluded. For the month-over-month basis, the home prices rose to 2.4 percent from May to June.
Insights into Market Trends
The thing that drives or gives a push to the local gains is the limited number of homes for sale. With the local prices still as much as 40 percent lower compared to 2006 home prices, a number of homeowners who want to sell loathe to do so since the value of homes are still way lower than what they paid for it. But in general, the United States home values have increased 10 percent on the first six months of the year.
The trend for home price gains is yet again moving at its fastest pace since 1977. But the steady price increases are the latest sign for the real estate recovery. The stable job gains and low mortgage rates have encouraged more and more Americans to buy their own homes. With greater demand for homes, together with the availability of some homes for sale, has helped give a push to the prices. And lastly, another factor considered for the price gains is the foreclosed homes.
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