Pavilion from the Ocean

Pavilion from the Ocean

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South Florida home prices rise in second quarter

South Florida home prices continued their steady growth in the second quarter of 2015.

The median sales price for single-family homes in Miami-Dade, Broward and Palm Beach counties hit $289,000, up 7.4 percent from the second quarter of 2014, according to a quarterly report from the National Association of Realtors released Tuesday.

The median sales price for condos in South Florida also rose to $156,000, up 7.1 percent year-over-year.

Since the economy began recovering local real estate values have skyrocketed, largely fueled by foreign investors, but the pace of growth has slowed over the last year.

Even with the slowdown, rising prices are still making it hard for many residents to find affordable housing because wages aren’t keeping pace. In Florida, per capita income is up just 1.2 percent so far this year, according to the U.S. Bureau of Economic Analysis. That’s made South Florida one of the least affordable housing markets in the country.

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