South Florida's Hot Housing Market continue to Cool Down
by Sep Niakan | August 15, 2014
Home prices in South Florida are still increasing year-over-year. However, the rate of increase is slowing down every month according to Standard & Poor’s Case-Shiller index.
The Case-Shiller index for Broward county, Palm Beach county, and Miami-Dade county have surged 14.7% between April 2013 and April 2014. However, the year-over-year increase in March was 16.2%.
Case-Shiller tracks the value of similar homes over time in 20 metropolitan areas. According to the Sun-Sentinel, Boston was the only metro area that increased year-over-year in April.
The latest index agrees with reports from South Florida real estate groups, which report that year-over-year home price gains are slowing.
Broward County’s median price in May for existing homes was $280,000, 10% up from last year. Palm Beach County's the median price was $281,900, or 7% up from May 2013. Both counties have seen price increases of over 20% since last year.
Photo credit: Fourt Lauderdale - waterfrontlife.com,
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