South Florida MAY have already seen the BOTTOM of the REAL ESTATE MARKET!
The Real Estate market may now, finally, be headed upward… At the very least it appears that we are somehow stopping the bleeding!
Good news nationally! The US economy may be on it’s way toward a modest recovery. Housing signals point our way out of the recession. Great news for Miami!
With new housing sales spiking 11% nationally in June … (the biggest gain since 2000)… that also marks the largest margin in 9 years! The National Association of Realtors (NAR) reports that price declines are slowing, and that existing home sales rose by 3.6% in June.
The glut of overdevelopment has unquestionably been concentrated in Florida, California, Las Vegas. Has the housing market indeed just ‘bottomed out’? If so, we will likely start to see sellers and builders less willing to make concessions. The housing market traditionally drives the economy (and until recently… it has been driving it down). News that we may have already touched bottom is indeed welcome! Encouraging not only for Florida and California, but globally! The housing market plopped us into this recession. Spiking sales of new homes in June may have just marked the turning point… and …may have already begun pulling us out of the recession!
Fact is… the only REAL way we will know WHEN we’ve hit bottom, is with the benefit of hindsight… and only after the tide has turned. Perhaps it has!