Home prices in South Florida rising faster than US average
Home prices in South Florida continue to rise faster than the national average but are still about 25 percent below the peak set in December 2006, according to a housing report released Tuesday.
Prices in Palm Beach, Broward and Miami-Dade counties increased 6.4 percent in April compared with a year earlier, data from the S&P/Case-Shiller Home Price Index show. Across the 20 metro areas surveyed, prices rose 5.4 percent in April from a year ago.
The tricounty region outpaced the rest of the country in March and has for the past year.
“The home price increases reflect the low unemployment rate, low mortgage interest rates and consumers’ generally positive outlook,” David M. Blitzer, chairman of the Index Committee at S&P, said in a statement.
Still, Blitzer said political uncertainty could affect the housing market. He cited last week’s vote by the United Kingdom to exit the European Union and said the looming U.S. presidential election “will distract homebuyers and investors in the coming months.”
Seven metro areas — Denver; Dallas; Portland, Ore.; San Francisco; Seattle; Charlotte and Boston — have set new highs for prices, according to the index.
While South Florida prices still have room to grow, affordability is a concern, housing observers say.