After 3 years of freefall, South Florida single-family home prices tried something new in April: They went Up.
It is a sign that the ailing real estate market could be heading in a healthier direction, the median sale price of existing homes in Miami-Dade and Broward increased compared to April, according to data released by the trade group Florida Realtors.
Home Sales also crept up, fueled by low mortgage rates, bargains on troubled properties and datelines for thousands of dollars in tax credits.
Foreign buyers, armed with cash have been driving sales in Hollywood, Hallandale Beach and Sunny Isles.
The National Association of Realtors said Monday that sales of previously owned homes rose 7.6%.
Miami condo sales were down 13% with prices down 6% from March.
(From: The Miami Herald Tuesday May 25-10)
Mortgage rates are the lowest in 40 years. I think this is a great opportunity for buying Real Estate today in South Florida.