As South Florida accelerates its recovery from a real estate crash, some markets have officially left their housing wreckage behind.
Dallas and Denver both posted their highest-ever readings in the monthly S&P/Case-Shiller real estate index released Tuesday. The May index has both markets up about 1 percent from past peaks. Compare that to an average 24 percent drop for the 20 metropolitan areas tracked by Case-Shiller, and a 41 percent decline for South Florida.
Despite the ongoing damage, South Florida accelerated its recovery in May. Case-Shiller showed property values up 14 percent for the last 12 months, its best yearly increase since May 2006. Compared to April 2013, values are up just under 1 percent in May. A tiny gain, for sure, but also the 17th straight month of increases. That’s the best streak for South Florida in the Case-Shiller report since 82 months of straight gains ended in June 2006 as the pricing bubble in real estate was about to burst.
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At its worst, South Florida real estate was down 51 percent on the Case-Shiller index. The trough came in November 2011.
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.