South Florida continues to see higher home-price increases than most of the rest of the country, according to a leading indicator released Tuesday.
Prices in Palm Beach, Broward and Miami-Dade counties rose 7.4 percent in August compared with August 2014, figures from the Standard & Poor's/Case-Shiller index show. It was the region's 18th consecutive increase.
Portland, Ore., (9.4 percent), Dallas (8.9) and Seattle (7.6) were the other metros outpacing South Florida.
Case-Shiller is widely considered to be one of the best measuring sticks for home values because it tracks the price of the same house over time. But the index lags local Realtor board numbers and does not include condominiums. Realtor boards release a median price for homes sold in a given month.
Nationally, home price appreciation "has settled into a nice groove over the past few months," Svenja Gudell, chief economist for real estate website Zillow.com, said in a statement. "This relative stability should continue into the foreseeable future."
While a shortage of listings has given some sellers the edge in negotiations recently, agent Jon Klein, who works in northwest Broward and southern Palm Beach counties, doesn't think the market favors buyers or sellers.
Buyers of starter homes often face bidding wars, but those looking at homes priced in the $450,000 to $750,000 range aren't rushing into deals, said Klein, of Real Living 1st Choice Realty.
"I am seeing houses stay on the market longer," he said.
Klein expects price increases to slow into next year. Home prices traditionally appreciate annually at 4 to 6 percent.