Florida’s economy is growing at a faster rate. Florida’s gross domestic product grew at 2.4 percent in 2012, a marked improvement from 2011. Experts predict 2013 figures will be much stronger after the state’s impressive job creation so far this year.
Florida consumer confidence hits post-recession high. Floridians’ consumer confidence rose another 2 points in May to 81—a third straight month of increases for a post-recession high, according to a University of Florida survey.
Floridians’ trust in the national economy over the next 5 years surged, rising 8 points to 85.
Applications for building permits rose nationally in April to the highest level in nearly 5 years.
New home sales up near record: 2.3% in April. Sales of new U.S. homes rose in April to the second highest level since the summer of 2008, while the median price for a new home hit a record high.
Total existing-home sales are expected to rise just over 7 percent to about 5 million this year in the U.S., according to NAR Chief Economist Lawrence Yun.
U.S. home prices jumped in April by most in 7 years. U.S. home prices increased 12.1 percent in April from a year earlier—the biggest gain since February 2006.
The 20-city Standard & Poor/Case-Shiller home price index considers two Florida cities for its results – Miami and Tampa. In Tampa, S&P/Case-Shiller found an 11.8 percent year-over-year price rise.
Statewide, home sale prices improved again by $5,000 to a median price of $165,000.
“Rising home prices may begin to alleviate a lack of housing inventory….by encouraging more homeowners to put their properties on the market,” said Maninder Sibia, an economist with Economist Advisory Service.
Reported in weekly Prudential Tropical Report by Dewey and Allen, owners.
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