Real Estate News

South Florida home prices rose in March 2015

A “for sale” sign stands in front of a Miami home in 2013.
A “for sale” sign stands in front of a Miami home in 2013. Getty Images

Home prices in South Florida rose for the 38th consecutive month in March, according to the S&P/Case-Shiller Home Price Indices, a closely watched barometer of the housing market.

Resale values for single-family homes in Miami-Dade, Broward and Palm Beach counties were up 8.7 percent in March 2015 compared to March 2014.

Nationally, home prices rose 4.1 percent for the year.

South Florida home values are among the fastest growing in the nation in annual terms. Only San Francisco (10.3 percent), Denver (10 percent) and Dallas (9.3 percent) grew at a faster clip.

But skyrocketing home prices have also made the greater Miami metro area one of the least affordable housing markets in the nation.

The good news: Price increases have slowed down over the past six months, pointing to a more stable housing market.

Home prices in South Florida rose by 0.9 percent from February to March, placing the region solidly in the middle of the pack nationwide. The biggest monthly gains were made in San Francisco (3 percent), Seattle (2.3 percent) and Dallas (1.8 percent).

South Florida home prices are still about 30 percent lower than their pre-recession peak.