South Florida home prices rose 16 percent from February 2013 to February 2014, according to the latest report from Standard & Poor’s/Case-Shiller.
The tri-county region had the sixth biggest year-over-year increase out of 20 major metropolitan areas tracked in the report. South Florida residential values did slip by 0.2 percent from January on a non-seasonally adjusted basis. That indicates a pricing slowdown in the region’s housing market.
“Five years into the recovery from the recession, the economy will need to look to gains in consumer spending and business investment more than housing,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement cited by the Miami Herald. “Long overdue activity in residential construction would be welcome, but is certainly not assured.” [Miami Herald] — Eric Kalis