The Real Deal Miami

Low home prices begin looking up in South Florida

February 27, 2012 04:30PM

While housing prices in South Florida continue to hover well below 2010 levels and nearly 45 percent below peak levels, the Miami Herald found some evidence that a rebound was taking hold in the most recent Federal Housing Finance Agency home price index.

In the fourth quarter of 2011, home prices were down 6 percent and 4 percent year-over-year in Broward and Miami-Dade counties, respectively. But prices have actually increased, albeit ever-so-slightly, in the last two readings. That marks the first consecutvie gain in Broward since the fall of 2006 and for Miami-Dade since the summer of 2007.

While that paints a better picture of the South Florida market than Case-Shiller data did, the Herald argued that the FHFA figures were a better representation of the market. FHFA includes fewer foreclosure sales by only gleaning data from mortgages backed by Fannie Mae and Freddie Mac, which have stricter lending policies. [Miami Herald]