Prices for South Florida homes continued their steady growth in September, but still performed high as compared to the national average, according to the research made by an important real-estate market indicator S&P CoreLogic Case-Shiller Index.
Year over year, in September 2016, home prices in Palm Beach, Miami-Dade, and Broward counties rose by 6.7 percent, compared to an overall US national increase 5.5 percent.
Case-Siller added, “This time US nationwide home prices have started growing in a sustainable way.”
The S&P managing director David Blitzer added in a statement, “We will see the new peak in the US housing recovery-a good hope. While seven cities have previously experienced the new post-recession peaks, whereas, Phoenix, Miami, Las-Vegas and Tampa remained below their recorded all-time booms.”
In 2013 and 2014, the region lead to serious affordability problems for low and middle-class people. They failed to meet the high home prices, but the drop-off in the buying ratio has led the housing market to lower their prices.
From August to September, 2016, the home prices of South Florida rose .5 percent as compared to the US national rate of .4 percent.
According to Shiller, after the housing disaster, home values recovered quickly, but haven’t approached high-peak era. The prices of local homes still stand at 77 percent when looking at the past 2006 peak.
Nationwide, the cities which recorded the highest annual growth rates are Seattle (11 percent), Dallas (8 percent), Portland, Ore. (10.9 percent), Tampa (7.5 percent) and Denver (8.7 percent) respectively.
Are you planning to invest in South Florida?
If Yes, then do it now because according to CoreLogic, 2017 will bring new home price trends, making it difficult for the middle-class to invest. Despite a housing slowdown, South Florida home prices continue to rise in 2016 and is expected to escalate high in 2017 mostly due to the shortage of homes for sales, says real estate experts.
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