The Miami-area real estate market has gained more than 3% in three months, pushing its overall annualized gains to $1.5 billion, the largest quarterly gain since August, according to the U.S. Census Bureau.
The statewide gains in home sales and other types of transactions were also up about 10%.
Real estate sales in the Miami area, the nation’s No. 2-spending market, grew 8% to an average of $8.3 billion, while total sales in other markets in the state were up 5% to $10.3.
“It’s a very strong start to the year for the Miami market,” said Richard Schall, chief economist at Real Estate Analytics Group in Atlanta.
Real estate values have also climbed in New York, Los Angeles and San Francisco.
“We’re seeing some good signs in the national market as well.
We see a little bit of a rebound in home prices in San Francisco,” he said.
The surge in home-price gains is a big boost to President Donald Trump’s push to expand the nation, which has helped push the overall national economy to a four-year high in May, according the U,S.
The nation’s economy grew at an annualized rate of 3.9% in May compared with 3.7% a year earlier, the third straight monthly increase.
“This is a really good start to 2017,” Schall said.
New York’s housing market, which was once the epicenter of the housing bubble, has stabilized for the past year after surging as high as 10% in mid-2015.
Sales in the Big Apple’s housing markets have fallen over the past several years, and some local communities have begun to re-evaluate whether they want to build more of the city’s pricey new homes.
New Yorkers will vote on whether to accept a proposal by the city to sell most of the units that are still standing in the boroughs’ neighborhoods and move them to the city, which would include new development, a change that would likely raise property taxes.
“What I’m hearing from people in the neighborhood is they’re very anxious about it,” said Jonathan Greenblatt, a real estate broker who has helped negotiate the sale of some of the priciest buildings in the city.
“They’re not going to be able to afford the price tag on it, which is just crazy.”
In New York City, the housing market has also begun to show signs of slowing.
A survey by the real estate firm Jones Lang LaSalle found that sales of homes were down 3.3% in April, which led to a 3.1% drop in the number of homes sold in the month.
Meanwhile, sales of single-family homes in the City of New York increased 8.5% in the three months through April, according a report from the brokerage firm CBRE.
“I don’t think it’s sustainable for us to be going through this for three years,” Greenblad said.
“There is a lot of pent-up demand in the housing markets.”