It looked for a while as if things were improving for the housing market in South Florida. But now it seems they are not looking so good after all. Standard & Poor's Case–Shiller Home Price Indices released their figures for July indicating that south Florida is still going through a depression vis-à-vis its housing market. While values of home prices have smoothed out somewhat, they are still less than 5 percent of what they were last year during the same time frame.
Nonetheless, July was certainly better than June 2011. But we shouldn’t be popping the champagne just yet. According to the research, this is just due to seasonal adjustments and really the increase overall, comes to a mere 1 percent. But staying the same has to be better than getting worse and just looking at figures for February 2011, there has been a 1.5 percent increase. This marks South Florida’s largest increase since August 2006.
Florida Housing Market 2006-11
Still, one has to really take a look at the bigger picture to work out what is really going on in the South Florida real estate market. Unfortunately it’s not great. The last five years have not been promising at all overall. And this is made especially worse when one takes a look at how well it was doing in 2003. The only optimistic part of this is, the only way is up. And hopefully that will be the case for the Florida housing market in the near future.