South Florida’s red hot housing market continued to cool in the second quarter.
The median price of a single-family home in the metropolitan area comprising Miami, Miami Beach and Fort Lauderdale rose 7.6 percent in the second quarter to $270,000 from a year earlier, according to the National Association of Realtors.
Despite the slowdown from double-digit price spikes a year earlier, South Florida median home prices continued rising at a faster pace than national prices.
The national median existing single-family home price rose 4.4 percent in the second quarter to $212,400 from $203,400 a year earlier, NAR said. That was far slower than the 8.3 percent year-over-year increase in the median price in the first quarter.
“National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels given the current pace of inflation and wage growth,” NAR chief economist Lawrence Yun said in a statement. “At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”