Home prices were up 7.7 percent in September
South Florida’s overheated housing market is cooling down
Case-Shiller Home Price Indices are nation’s most closely watched housing indicator
Home prices in Miami-Dade, Broward and Palm Beach counties rose 7.7 percent in September compared to September 2014, the S&P/Case-Shiller Home Price Indices found. They were up 7.4 percent in August year over year.
Nationwide only San Francisco (11.2 percent), Denver (10.9 percent), Portland, Oregon (10.1 percent), Dallas (9 percent) and Seattle (8.2 percent) grew at a faster annual clip in September. The national average was 4.9 percent.
South Florida’s housing market grew at double digits rates between 2012 and 2014 as it made up the ground lost during the recession. Foreign buyers fueled the recovery. While home prices soared,
wages stagnated, meaning many locals found themselves locked out of the housing boom.
In the last year, a strong dollar and struggling economies in Latin America and Europe have taken the sizzle out of an over-heated market.