Home values in South Florida predicted to grow 6 percent through next year: report

Home values across South Florida increased more than 6 percent in the second quarter and are expected to keep appreciating by approximately the same amount into 2013, according to a Zillow.com report released today and cited by the Sun Sentinel. Zillow.com’s Home Value Index for Palm Beach, Broward and Miami-Dade counties shows the median price of a single-family home at $148,300, a 6.4 percent increase in the April-through-June period year-over-year.com. Zillow.com predicts that prices in the tri-county region will grow an additional 6.1 percent through the middle of next year. However, this positive growth has been driven by weak inventory. “I think we’re going to have more flatness in the market – not price declines,” said Stan Humphries, Zillow Chief Economist. “Coming out of a long recession like this, that’s fantastic.” [Sun Sentinel] — Christopher Cameron