Read more here: http://www.miamiherald.com/news/business/article19800501.html#storylink=cpy
A strong economy and an influx of new residents meant higher home prices in South Florida over the last year.
The resale value of single-family homes in Miami-Dade, Broward and Palm Beach counties grew 9.2 percent in February over the /the same month in 2014. Only Denver (10 percent) and San Francisco (9.8 percent) saw bigger annual gains.
Nationwide home prices grew 4.2 percent over the year.
Those numbers come from a closely watched market barometer, the S&P/Case-Shiller Home Price Indices, which measure home prices around the country and are released on a two-month lag.
But rising home values can pose a problem if wages don’t keep up.
“In order for people to move into a second home, we need first-time home buyers to come into the market,” said Bill Banfield, a vice president at the mortgage lender Quicken Loans. “If the jobs being created for younger people don’t have sufficient wages, you’re going to end up with buyers priced out of the market and reluctant to purchase a home.”