The Palm Beach Postblog reported on December 26, 2012 that the South Florida real estate market is recovering. The article stated:
Home prices in Palm Beach, Broward and Miami-Dade counties were up 8.5 percent in October from the same time last year....The 20-city index composite showed a gain of 4.3 percent from last year. The Tampa market was up 5.9 percent.
This is good news, especially in light of the fact that the housing market is generally stronger in the summer then the fall and winter. David Blitzer, chairman of the index committee, said: “Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength.”
Good news indeed. Consumers are also drawn to purcahse because of historically low interest rates and the relatively high cost of rent. The population growth of Palm Beach Country may also be contributing to the increase in housing demand.