South Florida home pricing rises 10 percent in February
Confidence in the real estate sector is growing as home prices, including distressed sales, grew 10 percent in February in each of South Florida’s counties.
In Miami-Dade County, the growth was at half a percent compared to January, according to CoreLogic.
On a month-over-month basis, Broward County home prices, including distressed sales, increased by 0.4 percent in February 2013 compared to the prior month.
In Palm Beach County, home prices, including distressed sales, climbed 1.1 percent in February compared to the prior 30-day period, according to CoreLogic.
The home pricing data will likely continue to fuel development of more residential communities. McGraw-Hill Construction’s data for February contracts for future construction points to continued strength in the residential sector.
Residential contracts in February grew to $266 million, a 25 percent increase on a year-over-year basis. On the other hand, non-residential contracts shrank to $104 million, a drop of 32 percent on last year.
Together, the two categories combined generated $369 million in contracts for future work, a 1 percent increase on a year-over-year basis.