REAL ESTATE

South Florida home values on a winning streak

 

May saw its sixth straight month of rising home values in South Florida. Prices are still off 48 percent from the boom days.

dhanks@MiamiHerald.com

South Florida’s home values continue to rise.

On Tuesday, Case-Shiller released its May report on local home prices and South Florida’s rose 3.4 percent from the prior year. That’s the sixth straight month of rising values, the longest streak since 2006. Back then, an 83-month streak of rising values came to an end in May 2006, one of the first official signs that a housing bust was about to begin.

The short-term gain in home values has done almost nothing to erase the damage done by the bust. South Florida’s Case-Shiller index, which includes homes in Broward, Miami-Dade and Palm Beach counties, remains down 48 percent from past peaks set in 2006.

At their worst, home values were down 51 percent.

Read more The Economic Time Machine stories from the Miami Herald

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