Miami-Dade County’s housing market’s prices flattened from November to December, although the year closed with another month of rising property prices, year-over-year.
The cost of a home in December was 6.8 percent more expensive when compared to the same month in 2014, according to a new report from CoreLogic.
That increase reflects a national trend of property prices still rising out of the U.S. housing market crash in the first decade of the 2000s. Home prices across the country were up 6.3 percent year-over-year in December, though price growth is beginning to level out.
From November to December, the cost of a home in the U.S. rose by less than 1 percent.
And in Miami-Dade, the price meter didn’t move at all.
Recent reports have pointed toward the slowing of an overheated market in Miami, which saw double-digit explosions of housing prices during 2013 and 2014.
Some of the factors causing that slowdown include: thinning pools of foreign buyers whose currencies are weak against the U.S. dollar, and fewer distressed properties bringing down the number of home sales.
“Higher property valuations appear to be driving up single-family construction as we head into the spring. Additional housing stock, especially in urban centers on the coasts such as San Francisco, could help to temper home price growth in the longer term,” Anand Nallathambi, president and CEO of CoreLogic, wrote in the report. “In the short and medium term, local markets with strong employment growth are likely to experience a continued rise in home sales and price growth well above the U.S. average.” — Sean Stewart-Muniz