South Florida home values rise, but growth slows

Posted on 30 Jun 2015 in Miami What's New | 0 comments

HomeSaleHome values in South Florida rose in April but the overall rate of growth is slowing, suggesting that an overheated market is cooling down.

Home prices in Miami-Dade, Broward and Palm Beach counties were up 0.6 percent in April compared to March, according to the S&P/Case-Shiller Home Price Indices, an important housing market indicator released Tuesday.

That’s lower than in the previous monthly report, which showed prices growing 0.9 percent between February and March.

The decline fits in with a year-long trend: price gains are slowing down, a healthy sign of a more normal market. (Case-Shiller numbers are adjusted to account for seasonal changes.)

South Florida home values grew 8.5 percent between April 2014 and April 2015, the report also found. During the previous year, prices in the tri-county area grew by more than 14 percent as the housing market made up ground lost during the recession.

But wage gains couldn’t keep up with the home price surge, helping contribute to a local affordable housing crisis.

Home prices are still about 29 percent lower than they were during the peak of the real estate bubble in 2006.

www.miamiherald.com

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