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South Florida

South Florida home prices grow in July as nation approaches 2006 peak

Downtown Miami from Brickell Key (Credit: Ines Hegedus-Garcia)
Downtown Miami from Brickell Key (Credit: Ines Hegedus-Garcia)

South Florida’s home prices continued their years-long trend of growth in July, all while national home values near their peaks set before the crash in 2006.

According to the latest S&P CoreLogic Case-Shiller Indices, which tracks residential price trends throughout the country, home values in South Florida jumped 7 percent between July 2015 and July of this year.

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That rate of growth made South Florida’s housing market the sixth-fastest for rising prices in the country. Portland, Oregon, was first with a 12.4 percent spike in values year-over-year, followed by Seattle, Washington, with 11.2 percent.

Nationally, value in the housing market is only 0.6 percentage points below the index’s highest recorded levels in 2006, two years before the housing market crashed and S&P recorded a massive drop in prices.

Though prices continue rising, the pace of home sales in South Florida has floundered in recent months, especially for condominiums in oversupplied neighborhoods like downtown Miami. — Sean Stewart-Muniz

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Housing Market