Miami-Dade home prices rise again in August

Report predicts growth will continue slowing next year

Oct.October 06, 2015 01:30 PM

Home prices in Miami-Dade County continued to rise during August, but at a reduced pace.

A new report from CoreLogic showed that home prices in the county — including distressed properties — grew by 7.4 percent during August compared to the same month last year.

However, that’s a slight drop in appreciation compared to July, which saw home prices increase by 7.9 percent year-over-year.

The report predicts this leveling off will continue next year, with factors like higher mortgage rates and more inventory of single-family homes putting the brakes on demand.

But that’s not necessarily a bad thing, experts say. The real estate boom during 2013 and 2014 saw double-digit increase in home prices, a pace that some would say is unsustainable in the long-term.

Statewide, home prices grew 8.1 percent year-over-year during August. Nationally, the growth was by 6.9 percent, according to the report.

“Home price appreciation in cities like New York, Los Angeles, Dallas, Atlanta and San Francisco remain very strong reflecting higher demand and constrained supplies,” Anand Nallathambi, president and CEO of CoreLogic, wrote in the report. “Continued gains in employment, wage growth and historically low mortgage rates are bolstering home sales and home price gains. In addition, an increasing number of major metropolitan areas are experiencing ever-more severe shortfalls in affordable housing due to supply constraints and higher rental costs. These factors will likely support continued home price appreciation in 2016 and possibly beyond.”

Related Articles

Zillow CEO Rich Barton (Credit: iStock)

Zillow Offers launches in South Florida

(Credit: iStock)

Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade

Miami skyline (Credit: iStock)

Bringing some sunshine to South Florida’s opaque resi report outlook

June residential sales plummet (Credit: iStock)

Resi sales plummet across South Florida’s three counties in June

South Florida skyline (Credit: iStock)

South Florida resi markets reported choppy sales in Q2: Elliman

The Miami skyline (Credit: iStock)

South Florida home sales rise in May as price growth slows

May home sales rise almost 10% in Naples amid eastward market shift

April sales of Naples-area houses and condos rose 12.8% as median price fell