It’s no secret that U.S. home prices have rebounded from their recession lows, to the extent that some people are wondering if we’re in a new real estate bubble.
The most recent data from the S&P/Case-Shiller U.S. National Home Price Index, which looks at all nine U.S. census divisions, noted both its 10-city and 20-city composites had year-over-year gains of 4.7 percent and 5 percent, respectively. Home prices also had 35 straight months of gains as of May, with the San Francisco and Denver metro areas reporting the highest increases over the past 12 months.
But some housing markets are more competitive than others. FindTheHome.com has come up with its own list of the most competitive housing markets — which it defines as a market appealing to both buyers and sellers, that has grown substantially over the past year and that is expected to continue that growth in the year ahead.
The site also analyzed data regarding one-year price growth forecasts, price growth over the past year, median sales prices and average days on the market.
1. Miami-Fort Lauderdale-Miami Beach Metro, Florida
1-year price growth forecast: 23 percent
Median home sale price: $198,800
Price change over past year: 8.39 percent
Average days on market: 70 days
A strong economy, coupled with an influx of overseas buyers, has given the region the dubious title of the nation’s most competitive housing market.
Data compiled by the real estate research firm CoreLogic found as many as 70 percent of total home purchases made in the metro Miami area in early 2012 were cash sales, or nearly double the national average.
And the Miami Association of Realtors says single family home sales have been especially strong in recent months.
“The continued stability in Miami’s job market and low interest rates are improving buyer confidence,” Christopher Zoller, the association’s residential president, recently told PropertyWire.com.
“Not only are we seeing more single family home sales in Miami, but we are seeing more homes and condos listed as seller confidence grows.”
But all that competition is making it especially hard on young, first-time home buyers.
“If you want to live somewhere nice, somewhere that’s close to your job, easy to get to, close to the bars, you can’t find anything,” 24-year-old Raymond Pereira recently lamented to the Miami Herald.