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Has The Miami Market Hit Rock Bottom?

January 7, 2011

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

According to an article in the Jacksonville Daily Record, housing prices in Miami and Tampa hit their lowest levels since the downward trend in 2006, this October. Miami will likely see a continuing trend upward, likely because of competitive prices. These same prices have caused the sales of existing homes to be nearly 50% higher in November 2010 than the same time last year.

The Standard & Poor’s/Case-Shiller index showed that the prices of single family homes droppped 1.3% in the Miami market between September and October. The index also shows that Miami home prices were down 3.4% in October from one year prior and 1.1% lower than in September.

In November, Miami was one of the few places where sales jumped. Across the state, the median home price was $132,000.

It seems that serious buyers can find great deals, take advantage of near record low interest rates and find the home of their dreams. Contact the Restivo Team today and we will help you find the perfect home.

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