South Florida’s rebounding real estate market shows no signs of cooling.
The latest report from the Case-Shiller real estate index has property values up 11 percent from a year earlier. The March index reading was also the 15th consecutive monthly gain, the longest streak since an 82-month run of increases ended in May 2006.
During the crash in real estate values that began in the spring of 2007 and ran through early 2012, the Case-Shiller index became a barometer of dread for South Florida homeowners. At the depths of the downturn, as measured by the index, property values dropped 51 percent from a peak set in May 2006. The trough came in November 2011.
Since then, values have gained some lost ground but remain depressed relative to the boom. Rather than being 51 percent off their peak values, they’re 44 percent off peak values.
South Florida’s strong Case-Shiller number comes amid an encouraging report nationwide, with the typical metropolitan real estate market tracked by the index also up 11 percent for the year.
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.