Home values in South Florida showed no weakness in November, soaring 17 percent compared to the prior year, according to the latest Case-Shiller numbers.
The closely watched real estate index gave the greater Miami market the largest November increase of any of the 20 metropolitan markets it tracks. Between October and November, the Miami index increased .7 percent, the 23rd straight month of rising values. Taking a 12-month view, the Miami index grew the fastest since June 2006.
With values soaring, industry analysts expect price increases to moderate in 2014. The S&P/Case-Shiller index reports on conditions from several months earlier, so it is considered a lagging indicator. The latest numbers offer more evidence of the real estate market’s quicker pace in 2013. In November 2012, the Case-Shiller Miami index, which includes Broward and Palm Beach, was up 10 percent from the prior year.
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.