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.”