South Florida home prices spiked 15 percent in June, according to the latest reading from the Case-Shiller real estate index.
That’s the biggest yearly gain since July 2007, when the housing bubble was popping and the local real estate market was heading into an historic dive. The newest Case-Shiller numbers continue a trend of momentum for the housing recovery, which is setting a quick enough pace to prompt new worries about over-inflated prices.
The Case-Shiller index adjusts for seasonality in the housing market, so monthly comparison should be valid. Between May and June, home prices in South Florida (which includes Broward, Miami-Dade and Palm Beach) increased by just under 1 percent. That is the 18th straight monthly increase, the longest streak since the 82-month run between August 1999 and May 2006.
South Florida is part of a nationwide rebound in real estate, with the overall Case-Shiller metropolitan index up 12 percent. Even so, values in South Florida still are about 41 percent below peaks set in 2006, according to Case-Shiller.
The Miami Herald’s Economic Time Machine seeks to give the long view on the latest financial numbers for South Florida. Visit miamiherald.com/economic-time-machine for analysis of the numbers that drive the local economy. Our ETM index tracks more than 40 local indicators to measure where the economy has “landed” post-bust when compared to earlier economic conditions. The latest reading: July 2003.