South Florida Home Price Index Rises 10 Percent In September

Dated: December 1 2014

Views: 327

Home price growth continues to slow, but South Florida is faring better than the rest of the nation, a new report shows.

The Standard & Poor's/Case-Shiller home price index for Palm Beach, Broward and Miami-Dade counties increased 10.3 percent in September from a year earlier. While the gains here are getting smaller, the tri-county region was the only metro area among the 20 measured nationwide to see a double-digit annual increase.It was the second consecutive month in which South Florida outpaced the rest of the country.

"The West and Southwest, previously strong regions, are seeing price gains fade," David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a statement Tuesday. The only region showing any sustained strength is the Southeast led by Florida; price gains are also evident in Atlanta and Charlotte."Despite steady gains over the past two and a half years, South Florida prices are still down 33 percent since peaking in December 2006, according to the index.

Some analysts consider Case-Shiller to be the best measure of home prices because it tracks the price of the same house over time. Local Realtor boards release a median price for homes sold in a given month.But the index lags local Realtor board numbers and does not include condominiums.
Last week, the Realtor boards said the October median prices in both Palm Beach and Broward counties were $275,000, 2 percent higher than October 2013.
More homes are hitting the market, which helps to restore balance between buyers and sellers. But analysts say the price slowdown isn't a sign that the market is headed for another fall. Chief Economist Stan Humphries said in a statement that "too-fast appreciation risks burning both buyers and sellers. In this more sedate environment, buyers can take more time to find the right deal for them, and sellers can rest assured they won't be left without a seat at the table when they turn around and become buyers.

"This slowdown is a critical step on the road back to a normal housing market, and as we approach the end of 2014, the housing market has plenty to be thankful for."
Blog author image

Angelo F. Terrizzi Jr.

I am a New England native, born and raised in the Boston area. Growing up, I was always involved with extra-curricular activities through school and church. I spent 30+ years in Business and later in ....

Want to Advertise on this Site?

Latest Blog Posts

Selling A Home

Selling a home can be a difficult task for even the most seasoned of sellers. There is so much that goes into the process of placing a property on the housing market. First, the owner needs to get

Read More

Dear Homebuyers Please Stop Thinking You Need 20 Percent Down

NEW YORK – Feb. 18, 2019 – First-time buyer surveys consistently show the top hurdle to homeownership is saving up for the downpayment. But potential home shoppers may be misunderstanding the

Read More

Green Building At All Time High In Nations Largest Metros

LOS ANGELES – Aug 24, 2018 – The nation's largest cities are getting greener, according to the fifth annual U.S. Green Building Adoption Index by CBRE and Maastricht University.

Read More

Easy Deep Cleaning Tips

These are great hacks to cut your time and energy in half. Soap Scum in the Tub - Cut this backbreaking effort in half by attaching a scrubber to a power drill and using it to do the scrubbing for

Read More