South Florida home prices rose in August, continuing a trend of slow and steady growth that suggests an overheated market is cooling down.
Home prices in Miami-Dade, Broward and Palm Beach counties rose 7.4 percent in August compared to August 2014, according to the S&P/Case-Shiller Home Price Indices, a widely consulted economic indicator released Tuesday.
Only San Francisco (10.7 percent), Denver (10.7 percent), Dallas (8.9 percent), Portland, Oregon (9.4 percent) and Seattle (7.6 percent) grew at a faster annual clip.
Foreign investors fueled double-digit price growth in South Florida for much of 2013 and 2014, but a strong dollar is hurting their buying power. And after several years of construction, developers are starting to deliver a glut of new condos downtown. The fresh inventory is helping rein in price growth for condos.
Prices for single-family homes, where supply is tight, continue to rise at a faster pace.