The South Florida housing price index experienced a 16.5 percent rise in November year-over-year, according to a report from Standard & Poor’s/Case-Shiller.
The counties – Miami-Dade, Broward and Palm Beach – have been up every year for the past 22 years. The metro area is one of 20 that the index tracks; all increased year-over-year in November. Las Vegas had the biggest increase, at 27.3 percent.
“Combined with low inflation — 1.5 percent in 2013 – homeowners are enjoying real appreciation and rising equity values,” David M. Blitzerof Standard & Poor’s wrote in a statement, cited by the Sun-Sentinel. “While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year.”
The median sales price for a single-family home was up 15 percent year-over-year – reaching $265,000 – in December, according to the Realtors Association of the Palm Beaches. The number of closed deals jumped by 12 percent to 1,325 in December. [Sun-Sentinel] — Mark Maurer