Two Florida cities made the list of the nation’s top 20 fastest rising home prices according to the newest numbers released by S&P CoreLogic Case-Shiller.
Wherever you live in the United States, you’re likely seeing property values gaining momentum. For homeowners, this is great news. But if you’re hoping to jump into the housing market or bump up to a more substantial abode, the climbing prices may mean you need to act quickly.
The entire state of Florida has a long history of attracting buyers from all walks of life. Whether it’s a vacation home, a place to enjoy retirement, or a cottage for a first-time buyer, the appeal of the Sunshine State may never have been higher.
Uniquely situated along sprawling coastlines and barrier islands, Florida boasts both major metropolitan cities and wide open ranges. There’s something for everyone in Florida, which is why there’s no surprise that housing prices are growing higher than the national average.
In 20 key U.S. cities – the ones that make up the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index – housing prices jumped up an average 6.4 percent year-over-year in October. The news is according to the latest numbers released by the company.
David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, believes the climb in values is due to low inventories and increasing home sales.
He estimates that home prices are gaining at a rate that’s nearly three times the rate of inflation.
Low interest rates, a sturdy job market, and strong economic growth are helping to spur the buying.
Two Florida markets made the Nation’s top 20 list:
Miami has a specific housing issue: high demand, low inventory. The problem is especially true when it comes to homes in the $250,000 to $600,000 range. Given the geographical factors of the Florida Everglades and the Atlantic Ocean which prevent expansion, Miami has no more room to grow.
The huge demand for the hip area coupled with massive investor-driven prices, have created a super-inflated market and make living in the 305 too expensive for many. Middle-class wage earners simply can not afford to live in the immediate area.
Tampa may have been flying under the radar while the flashier South Florida cities enjoyed a showy boom in the housing market. But with more land area, a plethora of big-name employers, and ample transportation options, Tampa is one very desirable place to live – and it’s attracting droves of buyers.
Several neighborhoods within the greater Tampa area are so hot, that the average days on the market for a new listing are in the single digits. A few pockets have seen home values skyrocket close to 50% in year-over-year reports.