ECONOMIC TIME MACHINE

South Florida home prices hit ’06 growth rates

 

New numbers from Case-Shiller show the bounce back from the bottom continues. The stats haven’t been this strong since the housing boom was winding down.

dhanks@MiamiHerald.com

South Florida’s 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 Florida’s home prices went up 10 percent in November compared to the prior year. That’s 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 nation’s housing rebound continues to gain steam. South Florida’s numbers compared to a 6 percent gain for the 20 metropolitan areas tracked by Case-Shiller.

Taking the long view, South Florida’s 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 Herald’s Economic Time Machine blog seeks to put South Florida’s 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.

Read more The Economic Time Machine stories from the Miami Herald

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