The Real Deal Miami

South Florida home prices increased at a slower pace in November: Case-Shiller

Seattle, Portland and Denver continued to perform the best for the 10th consecutive month
January 31, 2017 01:41PM

Aerial view of Miami’s Little Havana, Miami River, Coral Gables and Coconut Grove neighborhoods

Home prices in South Florida grew by 6.1 percent year-over-year in November, according to S&P CoreLogic Case-Shiller. 

The growth in prices marks an annual increase for Miami homes, but is still lower than the 6.5 percent bump in prices S&P reported in October. The index tracks home sales in major metropolitan areas throughout the United States.

Miami-Dade, Broward and Palm Beach posted bigger growth than the national average of 5.6 percent, but not as high as the top markets. Seattle, Portland and Denver continued to perform the best for the 10th consecutive month, with prices rising by 10.4 percent, 10.1 percent and 8.7 percent in November, respectively.

The South Florida figures match up with the Miami and Greater Fort Lauderdale associations of Realtors’ numbers for the following month. But while home prices were up in both counties in December, sales are continuing to decline. In Miami, home prices have increased for more than five consecutive years, increasing by 9.5 percent year-over-year in December, from an average of $278,500 to $305,000. – Katherine Kallergis