Pavilion from the Ocean

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South Florida home prices teeter upwards at slower rate

Home prices across the tri-county area increased by 6.8 percent in January compared to the previous year

South Florida outpaced by nine U.S. cities, including Tampa

Home prices across South Florida continued on an upward trajectory in January but at a smaller clip than in December, according to data released Tuesday.

Prices in the local housing market have increased 6.8 percent compared to January 2015. In December 2015, prices rose by 7.1 percent over the year prior, according to the Case-Shiller Indices, a closely watched housing market indicator. Month-to-month, home values in Miami-Dade, Broward and Palm Beach counties were up 0.4 percent over December.

“Any kind of slowdown that we’re experiencing in the market is a very healthy slowdown,” said Daniel de la Vega, president of One Sotheby’s International Realty. “Prices have gone up year over year, and it’s about time they level off a little bit.”

South Florida was outpaced by nine cities around the country in price increase, including Tampa and Seattle.

“Most of the fast-growing cities are out west, and all this reflects that we have faster growing incomes in the west,” said Kwame Donaldson, an economist at Moody’s Analytics. “These higher incomes are leading to home prices increasing. But Miami is still getting really good growth because home prices . . . are still well below what they were before housing bust.”

The Case-Shiller January results are in line with data released this month by Miami-Dade and Broward Realtors, which saw price increases in both single family and condo sales in February.
In Miami-Dade, February sales prices for existing single-family homes increased 6.4 percent, to $270,221 from $254,000 one year prior; the median sales price for condominiums rose by 9.5 percent that month, to $206,950 from $189,000, according to the Realtors.

In Broward, single-family home prices rose by 4.9 percent ($299,000, compared to $285,000 in February 2015). Townhouses and condos increased by 6.6 percent (to $136,500, compared to $128,050 in February 2015).

Donaldson and de la Vega predict a continued leveling and growth of the local housing market.

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