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WPEC-TV CBS12 News :: News - Treasure Coast News - Report: South Florida home prices on the rise after hitting bottom

Report: South Florida home prices on the rise after hitting bottom

PORT ST. LUCIE, Fla. -- After six years of historic price declines, the numbers prove South Florida's housing market has hit bottom. However, this is the fifth time such a prediction has been made.

"A lot of them do have your washer and dryer upstairs, but this one has downstairs because your master is downstairs."

Realtor Sarah Taylor shows us this single family home in Port St. Lucie, where the price is actually up from a few months ago.

"Yes, and I've been educating my consumers on that for months now."

She explains the age-old rule of supply and demand. Lower the supply, increase the demand and the price.

"Port St. Lucie, at least the city and in most areas, we don't have as much inventory available. So because we've hit bottom, we've been saying for months this area has pretty much stabilized."

Stabilized, meaning we've hit the bottom of the housing market. So says Zillow.com, a national real estate website that reports home values aren't just stable, but rising in South Florida and the Treasure Coast.

Prices in South Florida reached their low point at the end of 2011 and are inching up.

In the last six months with more than 1,000 single family homes sold, the average price has inched up to $94,661. Even though 33 percent of them are short sales.

Homes in East Lake Village sold then for $300,000. Now the median price is $85,000.

"A lot of my buyers are looking at, it would be cheaper to buy and live in the house rather than renting, and then they have the equity too."

So if we've hit bottom, the good news then, it's up from here.
 Report: South Florida home prices on the rise after hitting bottom

Wednesday, May 9 2012, 12:28 AM EDT

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