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Housing Markets in South Florida Added to List of Improving Areas
|As housing market factors, including home prices and mortgage rates, continue to improve while still being affordable, a new list of improving housing markets nationwide includes a number of Florida metropolitan areas.
Thursday, August 16th, 2012
As housing market factors, including home prices and mortgage rates, continue to improve while still being affordable, a new list of improving housing markets nationwide includes a number of Florida metropolitan areas.
The National Association of Home Builders/First American Improving Markets Index for the month of August includes 75 markets that have maintained their places on the list along with five new entries.
Improvements to economic and housing factors including employment, home prices and housing permits allowed Miami and Palm Bay to be added to the list.
"The list of improving housing markets in August includes metros across every region of the country, all of which have distinctly different characteristics in terms of their economic and employment bases as well as other factors," said Barry Rutenberg, chairman of the NAHB.
He went on to note that tight lending standards have hindered the growth and improvement of many metropolitan housing markets and continue to affect both buyers and builders throughout the country. In most cities, homeownership is actually more affordable with renting, and many more prospective buyers in Florida have been taking advantage of low mortgage rates and home prices.
Higher affordability offered by record-low mortgage rates has also allowed more buyers to afford newly-constructed homes, which require less maintenance in the first years of homeownership.
As more housing markets continue to see growth while the economy is recovering, industry experts predict the number of cities on the Improving Markets Index will increase and come to include more Florida metro areas.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.