South Florida home prices keep rising in October

A December 2011 photo of the Miami skyline (Credit: John Spade)
A December 2011 photo of the Miami skyline (Credit: John Spade)

Home prices in South Florida maintained their continued growth during October, according to a monthly report from S&P/Case-Shiller.

The tri-county area saw prices appreciate by 8 percent year-over-year, marking the sixth-biggest price jump in the country. Ahead of South Florida were Denver, Portland and San Francisco — all with 10.9 percent increases in prices — Dallas with 9.3 percent and Seattle with 8.8 percent.

“Generally, good economic conditions continue to support gains in home prices,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, wrote in the report. “Sales of new single family homes, despite recent increases in construction, remain mixed to soft compared to the trend in existing home sales.”

On a month-to-month basis, South Florida housing prices appreciated by 0.7 percent between September and October.

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The region once saw skyrocketing property values during 2013 and 2014, when prices were rising at double-digit percentages.

Recent months have seen growth start to level off, which some analysts say could signal the market is stabilizing.

Nationally, the report found U.S. home prices rose by 5.2 percent year-over-year during October. That’s a slight increase compared to September, which saw a 4.9 percent appreciation in price year-over-year. — Sean Stewart-Muniz