South Floridas housing rebound gained momentum at the end of 2012, with home prices up at the fastest pace since the tail end of the real estate boom in 2006.
The closely watched Case-Shiller index showed South Floridas home prices went up 10 percent in November compared to the prior year. Thats the fastest gain since September 2006. The November figure released Tuesday morning was also the 12th-straight monthly gain, also the best streak since 2006.
While once a source of drama, the Case-Shiller numbers have become something of a routine as the nations housing rebound continues to gain steam. South Floridas numbers compared to a 6 percent gain for the 20 metropolitan areas tracked by Case-Shiller.
Taking the long view, South Floridas real estate market remains depressed values tracked by Case-Shiller are still off 47 percent from the peak hit in May 2006. Despite the housing bubble and subsequent crash, values in South Florida are up 8 percent when compared to where they were 10 years ago.
The Miami Heralds Economic Time Machine blog seeks to put South Floridas recovery into historical perspective. We try to take the long view on economic stats. For analysis of the latest economic news, visit miamiherald.com/economic-time-machine and look for our weekly chart on Page 3 of Business Monday.