For those who live in South Florida, specifically the Palm Beach County area, might have noticed that the housing market has hit a boom and is in a steady recovery. Mortgage agency Freddie Mac agrees. Freddie Mac releases a Multi-Indicator Market Index (MMI) report every month that can measure the local housing.
The report measures employment, affordability, home purchasing applications and mortgage delinquencies. A perfect score is 100.
In the August Multi-Indicator Market Index, it showed that the South Florida market was up 11.43 percent from last year, scoring a 69.2. Only three other cities had a bigger showing of improvement; Riverside, CA, Las Vegas and Chicago.
A year ago the South Florida area was at 62.1 and in 2010 was at a poor 42.2, so the rise on the MMI has been substantial. Palm Beach also has been able to keep mortgage rates at a low 4 percent, which is congruent with the national average.
All this happened on the back of the news that South Florida is at the top of the nation’s leading home price index from the month of August. Palm beach County saw a 10.5 percent increase from the same time last year. According to the Standard & Poor’s/Case-Shiller index, this puts Palm Beach first place for price growth, nationally.
If you are looking to purchase a home in the Palm beach County area, specifically the Palm Beach Gardens, look to Leibowitz Realty for property listings and a professional staff that will guide you through the buying process.