After years of overheated growth, Miami-Dade County’s home prices are beginning to moderate themselves.
According to a new report from CoreLogic, housing prices in Miami-Dade grew only 0.2 percent between May and June. The research firm analyzes monthly home sales to calculate pricing trends, including distressed properties.
Year-over-year, home values in Miami-Dade rose by 6.2 percent in June. However, that rate of growth has slowed considerably since 2013 and 2014, when prices shot upward after the housing market began its explosive recovery from the recession.
Despite rising prices beginning to level off, Miami-Dade’s housing market is still outpacing the national rate of appreciation. Homes throughout the United States saw a 5.9 percent jump in prices during June, according to CoreLogic.
“The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory,” said Frank Nothaft, CoreLogic’s chief economist. — Sean Stewart-Muniz