Property values up 14%, but the surge slows a bit
09/24/2013 9:40 AM
09/24/2013 12:35 PM
Property values continued to climb in South Florida this summer, though the housing market inched back a bit from setting new records in the post-bust era, according to the latest reading from the S&P/Case-Shiller index.
In July, single-family home values were up 13.7 percent over a year ago, the 19th consecutive month of yearly gains but lower than June’s 14.7 percent increase. June. Since the Case-Shiller index began showing yearly gains in February 2012, each month usually posted a larger gain than the last. That streak was broken in February 2013, and again in July.
The index, which measures repeat sales of single-family homes in Broward, Miami-Dade and Palm Beach counties, is seasonally-adjusted shows values were up less than 1 percent between June and July. That’s about average for 2013, and extends the monthly winning streak to the largest stretch of gains since the 82-month run between August 1999 and May 2006.
The surge in prices has led to warnings about another pricing bubble, particularly since investors are fueling many of the sales. The Case-Shiller report shows prices continue to rise, but a string of tapering gains would follow the pattern seen in 2006 as the last bubble deflated.
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 2004.
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