In certain South Florida counties, residential sales rose over 10 percent for the month of July 2012 in comparison to a year earlier. Martha Pomares, Chairman of the Board of the Miami Association of Realtors, told the Miami Herald, “The condominium market in particular is performing quite well.”
Prices are listed at a slight decline from the previous year but experts in the housing industry believe this will reverse itself as long as homes continue to sell. Stephen B. McWilliam, head of the Greater Fort Lauderdale Realtors said, “As long as demand for homes remains strong, housing prices will continue to increase.” One of the biggest factors in the upswing is the decrease in home inventory as out-of-towners contribute to the increase in residential real estate sales.
In July, the inventory of homes in Broward County decreased by almost half, from nearly 5,000 available as opposed to 9,884 for the year before. Some of the lowest mortgage rates in history coupled with lower home prices and a general overall optimism in the economy are helping to fuel the turn-around that everyone in Florida is happy to see.