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

An aerial shot of Fort Lauderdale
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.

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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