South Florida homes are still growing more expensive at a steady clip

National home costs set a new record in October

TRD MIAMI /
Dec.December 27, 2016 01:30 PM

South Florida home buyers waiting for a price dip, don’t hold your breath. According to the latest report from the S&P CoreLogic Case-Shiller Indices, home prices in the region continued their years-long upward climb in October.

The index, which tracks home sales in major metropolitan areas throughout the United States, stated the cost of South Florida’s single-family homes jumped by 6.5 percent in October when compared to the same month in 2015.

That means South Florida saw the fifth-highest percentage growth in the country, with Seattle taking the top spot at 10.7 percent, followed by Portland with 10.3 percent, Denver at 8.3 percent and Dallas with 8.1 percent.

Nationwide, prices in the U.S. housing market hit an all-time high in October after spiking 5.6 percent year over year, breaking a record set just one month prior, according to the report.

Recently released November data from the Miami Association of Realtors shows the price of a single-family home in Miami has risen uninterrupted for the past 60 months, even as reports of a market slowdown have proliferated.

The steady rise appears to be fueled by a boom in mid-priced home sales over the past few months. South Florida’s shrinking cache of distressed properties, which typically carry a lower price tag than the market, has also helped buoy housing costs in the region. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
Pharrell Williams (Credit: Ethan Miller/Getty Images)

South Florida by the numbers: Bright spots in a challenging market

South Florida by the numbers: Bright spots in a challenging market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...