Carolyn Smith, Realtor – Melbourne Beach, FL Real Estate: Home Prices Are Rising!
Home prices are rising in Melbourne Beach, Florida, along with rising home prices in the rest of the Sunshine State!
Home prices are rising, and not just in our beautiful beach communities of Melbourne Beach, Indialantic, Indian Harbour Beach, Satellite Beach, Suntree and Viera, but in the whole Sunshine State of Florida!
According to a recent report by CoreLogic, leading provider of consumer, financial, and property information, tighter housing inventories are starting to lift home prices. This is especially true in Florida, where we are seeing a much higher price boost compared to other areas of the country. Nationwide, CoreLogic’s data shows a month-over-month nationwide increase in home prices of 0.6 percent from February to March. Here in Florida, we are seeing an increase in home prices of 4.5 percent for the same time period. This puts Florida in the number 5 position of states with the highest home price appreciation for the month of March.
In case you are wondering which other states are among the top 5 with the highest appreciation, here is the list (this includes distressed sales):
• Wyoming: +5.9%
• West Virginia: +5.3%
• Arizona: +5.1%
• North Dakota: +4.7%
• Florida: +4.5%
According to Mark Fleming, CoreLogic’s chief economist, “This spring, the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices. Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”
If you are considering purchasing a home or condo in Melbourne Beach, Indialantic, Indian Harbour Beach, Satellite Beach, Suntree or Viera, it is a perfect time to start looking at some properties. Well-priced homes in our area are moving fast, and home prices in Brevard County, Florida are increasing as our inventory quickly decreases. Mortgage rates continue to sit at record-low levels, so don’t wait any longer to start looking at Melbourne Beach real estate! Call or email me if you would like to look at homes or condos in Melbourne Beach, Indialantic, Indian Harbour Beach, Satellite Beach, Suntree or Viera! I would love to help you find your dream home!
Source of info: CoreLogic and FloridaRealtors.org
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