South Florida's residential real estate prices on the rise

South Florida's residential real estate prices on the rise

A real estate market where home prices are rising can be welcoming news to homeowners who are trying to sell their homes. It can also be encouraging for home buyers who would like to buy in a residential real estate area that appears to be on the upswing. Recent data shows that South Florida's home prices increased by 11 percent during the month of July when compared with July 2013.

July's increase is the second largest increase nationwide, researchers said. The price index that revealed this information measured current home sales occurring in 20 big cities. The South Florida area includes Miami-Dade, Broward and Palm Beach counties.

The only other area in the United States that saw a higher home price increase this year was Las Vegas, where the jump in July was nearly 13 percent from July 2013. South Florida has now officially returned to home pricing as it was back in August 2004, before the real estate bubble burst. It appears that home prices are continuing to go up at either two times or three times today's inflation rate.

With housing prices continuing to soar, home sellers may wish to take advantage of the current residential real estate market by marketing their properties. Aspiring homeowners can purchase these properties with the hope that their homes will remain in-demand in the years and decades ahead when they are ready to sell them. Understanding real estate law can help people involved in a real estate transaction to cross all of their "T's" and dot their "I's" so that they avoid complications that may lead to a failed deal in Florida.

Source: palmbeachpost.com, "South Florida home price gains second highest in nation", Kim Miller, Sept. 30, 2014