Housing values soar 11 percent in South Florida

By Douglas Hanks

Housing values in South Florida are rising faster than they have since 2006, a time when the real estate boom was just beginning to lose some steam.

The closely watched Case-Shiller real estate index jumped 11 percent in December compared to the prior year, the biggest spike since August 2006. And while the index puts home values back to where they were in the summer of 2003, this is the 13th straight month of consecutive gains on the Case-Shiller scorecard.

Released Tuesday, the Case-Shiller report on the nation’s top housing markets made clear that the real estate rebound is gaining steam. South Florida had the sixth largest increase in the country, behind No. 1 Phoenix (up 23 percent) and San Francisco (14 percent), Detroit (14 percent), Las Vegas (13 percent) and Minneapolis (12 percent).

Still, the long view remains discouraging. Values in South Florida are 46 percent below peaks hit in May 2006. That’s better then the 51 percent drop seen at the trough of the market in November 2011, but still an historic collapse in real estate prices.

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.

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