The Real Deal Miami

South Florida home prices grow again in June

Growth trend has gradually curbed since beginning of 2015
A bird's-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)

A bird’s-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)

South Florida home prices saw another month of significant year-over-year growth during June, according to the S&P/Case-Shiller Home Price Indices.

Home prices in the area grew 7.7 percent during June, compared to the same month last year. That rate has gradually slowed in recent months, which analysts say could signal a correction in a housing market that has seen almost two years of double-digit increases.

On month-to-month basis, home prices in the Miami area grew 0.3 percent. May saw a 0.8 percent growth, and April had a 0.9 percent increase.

Nationally, home prices grew 4.5 percent year-over-year. The cities with the highest appreciation were Denver with 10.2 percent, San Francisco with 9.5 percent and Dallas with 8.2 percent.

David Blitzer of S&P Case Schiller

David Blitzer of S&P Case Schiller

“The missing piece in the housing picture has been housing starts and sales. These have changed for the better in the last few months,”  David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, wrote in the report.

“Sales of existing homes reached 5.6 million at annual rates in July, the strongest figure since 2007. Housing starts topped 1.2 million units at annual rates with almost two-thirds of the total in single family homes,” he added. “Sales of new homes are also trending higher. These data point to a stronger housing sector to support the economy.”