While the rest of the Southeastern real estate market is suffering, it appears that Florida is only producing good news.
According to a recent report from the Federal Reserve in Atlanta, sales of homes in Florida are outperforming the rest of the South.
Apart from this good news from the Atlanta Fed, South Florida home prices rose in May.
Although the monthly report card used tempered language, it stated that the Atlanta district reported some growth in home sales over the prior year because Florida is driving the gains in the region. Outside of Florida, sales declined.
While sales are expected to stay weak elsewhere, Florida brokers are taking a positive outlook. The Federal Reserve Atlanta District is composed of Alabama, Georgia, Florida and parts of Tennessee, Louisiana, and Mississippi.
On a more local basis, we experienced nine straight months of falling prices in South Florida. However, this past May the spring buying season boosted values.
Nevertheless, prices are still down 5.3 percent compared May 2010. Currently, home prices are back on the level they were at in the summer of 2003.
We should all be happy to hear about this positive real estate news. However, the experts say we truly won’t see a recovery in the housing market until employment levels stabilize. Nevertheless, now is a good time to take advantage of current conditions and purchase real estate.
At Alvarez & Barbara LLP, we have extensive experience handling all types of real estate issues. We can handle all aspects of your real estate transaction. A major part of our practice includes real estate litigation as well. So, whatever real estate legal issues you’re facing think of Alvarez & Barbara, LLP.
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About the Author – Gabriel de las Salas is an attorney with the law firm of Alvarez & Barbara, LLP. His practice is focused on general civil and commercial litigation, including personal injury, insurance claims and real estate disputes. Mr. de las Salas received his B.A., cum laude, from the University of Florida, and his J.D., from Stetson University College of Law.