According to data coming straight from S&P/Case-Shiller, the prices for homes in the Miami region have been on the rise. In fact, the price of homes rose by 13.2% between May of 2013 and May of 2014. They show that there has been relatively stable and steady growth over the past year of more than one percent each month. While they are strong, it is important to take a realistic look at the growth, and to realize that it is slowing over what it has been the past couple of years.
Is Slowing a Bad Thing?
It is important to remember that just because the growth rate is slowing down a bit in Miami and other areas, that’s not always a bad thing. The growth hasn’t been stagnated. This means that even though it’s somewhat slower, the prices still appreciate but at a slower rate. In fact, the city and surrounding area is doing better than the rest of the United States in respect to the home price increases. It is important to keep this in mind.
Something else that is important to remember is that a beginning of a slow down period for the real estate market at this time is natural. It went through a recent big recovery phase, and now that things are getting back to normal, having slightly slower price increases is predictable. It is actually a good thing, as it ensures that the market does not get into a “buuble” like state, which is what happened seven years ago.
How Will This Affect Me as a Buyer or Seller?
Read the rest of my Miami Florida housing market update blog to discover how recent activity on the local housing market may impact you as a buyer or seller.
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