South Florida sees third-highest annual home price growth in nation

Posted on 28 Apr 2015 in Miami What's New | 0 comments

Photo: AP

Photo: AP

A strong economy and an influx of new residents meant higher home prices in South Florida over the last year.

The resale value of single-family homes in Miami-Dade, Broward and Palm Beach counties grew 9.2 percent in February over the previous year. Only Denver (10 percent) and San Francisco (9.8 percent) saw bigger annual gains.

Nationwide home prices grew 4.2 percent over the year.

Those numbers come from a closely watched market barometer, the S&P/Case-Shiller Home Price Indices, which measure home prices around the country and are released on a two-month lag.

As in recent reports, South Florida’s monthly gains are slowing down after making up much of the ground lost during the recession. But analysts say the slow and steady growth is a sign of a healthy market, not a cause for concern.

Between January and February, home values in the tri-county area grew at a seasonally adjusted rate of 1.1 percent.

That was solidly in the middle of the pack compared to the twenty major metropolitan areas measured by the report. San Francisco (3.3 percent), Denver (2.2 percent), Los Angeles (1.6 percent) and Minneapolis (1.6 percent) led the way in terms of monthly growth.

Home values in South Florida stand at about 69 percent of their pre-recession peak, according to historical Case-Shiller data.

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