July 19, 2012
United States house prices increased in May 2011, according to Standard & Poor’s Case-Shiller U.S. National Home Price Index. Out of the 20 cities across the country that were in the report most rose 1 percent in prices the only exceptions were Las Vegas, Detroit, Tampa and Phoenix. According to this report Washington D.C. house prices rose 1.3 percent several years in a row.
Miami has seen its share of sales increase over the past year. Miami’s coastal residential properties rose 20.9 percent in the second quarter of 2012 in comparison to the previous year. The average sales price increased 17.7 percent in that same period.
Another positive sign for the housing market is the increase of construction projects in June. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau released a report stating that housing projects increased 6.9 percent in June compared to May.
The housing market still faces many challenges such as builder and buyer access to credit, but the increase in construction of single-family homes is a good sign.
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