Home values in South Florida went up over the last year but the pace of gains is slowing.
Prices for homes in Miami-Dade, Broward and Palm Beach counties were up .8 percent in May compared to April, according to the S&P/Case-Shiller Home Price Indices, an important housing market indicator released Tuesday.
That’s up 8 percent from May 2014.
The numbers show that the local housing market is continuing to cool down after nearly two years of red-hot growth. Many analysts say the recent slowdown is a healthy sign of a market returning to normalcy.
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From the winter of 2012 until the fall of 2014, South Florida saw double-digit annual appreciation as home values recovered from the shock of the financial crisis. Salaries haven’t kept pace with the rapid growth in residential real estate prices, leading to what local leaders call an affordability “crisis.”
Even with the heady growth, South Florida home values still stand at about 71 percent of their housing bubble peak.
The cities with the highest annual price increases in May were Denver (10 percent), San Francisco (9.7 percent), Dallas (8.4 percent) and Miami (8 percent).