Miami ranks fifth in home price growth for July: report

Miami /
Sep.September 29, 2015 12:00 PM

South Florida ranked fifth in the nation for rising home prices during July, but the region’s growth has steadily slowed for the first half of 2015.

According to the S&P/Case-Shiller Home Price Indices, the region saw a 7.3 percent growth in home prices during July, compared to the same month last year.

That’s a decrease from the 7.7 percent increase in June, 8 percent in May, 8.5 percent in April, 8.7 percent in March and and 9.2 percent in February. Analysts are saying that curbing price growth could signal a correction in the market, which saw double-digit increase in 2013 and 2014.

Seasonally adjusted data shows that the Miami metropolitan area, which includes Broward, Palm Beach and Miami-Dade counties, actually had a 0.3 percent drop in prices from June to July.

The metropolitan areas that reported the highest year-over-year growth in July were San Francisco with 10.4 percent, Denver with 10.3 percent, Dallas with 8.7 percent and Portland with 8.5 percent, according to the report.

Miami tied for fifth place with Seattle, which also saw 7.3 percent gains year-over-year.

Nationally, home prices increased by 4.7 percent during July — a slight bump from the 4.5 percent growth in June.

“Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, wrote in the report. “The Sunbelt cities  Miami, Tampa, Phoenix and Las Vegas  which were the poster children of the housing boom have yet to make new all-time highs.”


Related Articles

arrow_forward_ios
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...