S. Florida home prices soar for fifth straight month

Miami /
May.May 22, 2013 01:00 PM

South Florida home prices gained for a fifth consecutive month by more than 20 percent in April as bidding wars break out over a shrinking pool of inventory, the Sun-Sentinel reported.

In six months, the region’s housing market has done a complete turn-around after six years in decline.

Palm Beach County’s median home price rose to $265,000 last month, a 26 percent increase from a year ago, the Sentinel reported, citing figures from the Realtors Association of the Palm Beaches. Broward County’s median home price increased by 22 percent to $250,000, according to the Greater Fort Lauderdale Realtors.

South Florida is a seller’s market, preferring cash offers and asking that buyers shorten inspection periods and waive appraisal contingencies, the newspaper said.

As prices rise and the housing shortage worsens, buyers are offering premiums on homes’ appraised value.

“People tend not to be rational in these frenzies,” Stan Humphries, chief economist for real estate website Zillow.com, told the paper. “They may buy at whatever the cost.” [Sun-Sentinel]Emily Schmall


Related Articles

arrow_forward_ios
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...