South Florida On The Market

As 2013 draws to a close, it’s fairly clear that the real estate market has gained strength: home sales are up, prices have firmed, foreclosures are down and mortgage rates remain close to record lows. Figures from the National Association of Realtors® (NAR) show that September home values on average were 11.7 percent higher than a year earlier, the 10th consecutive month of double-digit, year-over-year, increases. NAR also reports that in the third quarter home prices increased in 144 out of 163 metropolitan statistical areas. Fifty-four areas had double-digit increases, and only 19 had price declines. “What we have seen during the past year are signs of a broad national recovery,” says Ray Brousseau, executive vice president with Carrington Mortgage Services. “Pent-up demand and a growing population are two factors that have contributed to generally increased home prices.” Interest rates Interest rates also make ownership more attractive. According to Standard & Poors, the 30-yea