The Real Deal Miami

Home prices are still rising steadily in South Florida

Portland and Seattle still lead the nation for rising property values

August 30, 2016 10:30AM

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Downtown Miami from Brickell Key (Credit: Ines Hegedus-Garcia)

Downtown Miami from Brickell Key (Credit: Ines Hegedus-Garcia)

Though they might not be rising as quickly as in previous years, South Florida’s home prices continued their steady upward climb in June.

According to a new report from the S&P CoreLogic Case-Shiller Indices, property values in the tri-county area spiked 6.9 percent year-over-year.

That rate of appreciation means South Florida saw the nation’s sixth-highest jump in home prices during June, with the hip cities of Portland (12.6 percent) and Seattle (11 percent) taking the lead spots.

June also saw a higher rate of year-over-year appreciation than May, breaking an otherwise steady trend of slowing price growth in South Florida.

Some market watchers have said those drooping figures indicate the region’s housing market is returning to stability after years of double-digit increases. Fewer homes are trading across South Florida, and some of its most overheated areas — like downtown Miami — are seeing the first price cuts since the last real estate cycle.

According to S&P’s report, prices in the nation are growing fastest in the western and southern states like Florida and California. Besides Portland and Seattle, where property values are exploding, Denver (9.2 percent), Dallas (8.9 percent) and Tampa (7.9 percent) all ranked higher than South Florida in June. — Sean Stewart-Muniz