The Real Deal Miami

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

National home costs set a new record in October
December 27, 2016 01:30PM

An aerial shot of Fort Lauderdale

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