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Report: South Florida home prices rise in May

By  Paul Owers July 31, 2012 09:30 AM
South Florida home prices continue to gain momentum, according to a report released Tuesday.

Prices in Palm Beach, Broward and Miami-Dade counties rose 1.4 percent in May from April and 3.4 percent from a year ago, figures from the Standard & Poor’s/Case-Shiller home price index show.

It’s the fifth consecutive month that prices have increased annually in the three counties. Prices have risen on a monthly basis here since December. Besides South Florida, 11 other metro areas had year-over-year increases in the index that covers 20 major markets nationwide.

“The housing market seems to be stabilizing, but we are definitely in a wait-and-see mode for the next few months,” David M. Blitzer, chairman of the index committee, said in a statement.

Case-Shiller tracks prices of the same house over time. Analysts say that’s a better measure than releasing a median price for homes sold in a month, as local Realtor trade groups do. The index does not include condominiums and trails Realtor data by a month.

Real estate agents and analysts are optimistic that South Florida prices have hit bottom. Still, there is some concern that an increased number of foreclosures could stall the recovery.

South Florida’s residential building contracts spike through June

South Florida Business Journal by Oscar Pedro Musibay, Reporter

Date: Tuesday, July 31, 2012, 3:00pm EDT

South Florida generated $423 million in construction contracts in June. Unfortunately, a sharp drop in production in the commercial sector pushed the overall total down 2 percent from a year ago.

But when the entire year is factored in, South Florida’s construction industry is going gangbusters. The region generated $2.31 billion in new contracts for the year so far – up 47 percent from the same time last year, according to McGraw-Hill Construction’s report.

Non-residential – including commercial, manufacturing, religious and hotel – generated $231.7 million in future contracts, a 22 percent decrease from June 2011. Residential projects generated $192 million in new contracts, up 43 percent from the same time last year.

The data is consistent with the Business Journal’s reporting, which indicates that there are 50 new condominium towers proposed east of Interstate 95 in the tri-county area.

For the year-to-date, the non-residential sector has generated $1.2 billion in deals, up 19 percent from June 2011. Activity in the residential sector has spiked, with $1.14 billion in contracts signed, an increase of 94 percent, according to McGraw-Hill Construction’s report.

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