Real Estate News

South Florida home prices went up in June

A sign posted outside a home for sale in Pinecrest on Wednesday, June 10, 2015.
A sign posted outside a home for sale in Pinecrest on Wednesday, June 10, 2015. MIAMI HERALD STAFF

Home values rose in South Florida in June, but the pace of growth is continuing to cool down.

That’s good news for an overheated housing market that has seen home prices go up much faster than wages since the economic recovery began.

Home prices in Miami-Dade, Broward and Palm Beach counties were up .3 percent in June compared to May, according to the S&P/Case-Shiller Home Price Indices, an important housing market indicator released Tuesday. That’s up 7.7 percent year-over-year.

South Florida experienced annual home value growth in the double digits for much of 2013 and 2014 at a time when wages stayed flat.

Across the nation, home values were up 1 percent for the month and 4.5 percent for the year.

The major cities with the highest annual price appreciation were Denver (10.2 percent), San Francisco (9.5 percent), Dallas (8.2 percent), Portland, Ore. (7.8), Miami (7.7 percent) and Seattle (7.4 percent).

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