Real Estate News

South Florida home prices keep slowing down

A for sale sign stands in front of a Miami home in this 2013 file photo.
A for sale sign stands in front of a Miami home in this 2013 file photo. Getty Images

Home prices in South Florida continued their slow, steady rise in June, but still performed above the national average, according to a closely watched economic measure released Tuesday.

Prices for homes in Miami-Dade, Broward and Palm Beach counties were up 6.9 percent in June year-over-year and up .7 percent compared to May, the S&P CoreLogic Case-Shiller Indices found.

The region had some of the nation’s fastest-growing home prices in 2013 and 2014, leading to affordability problems for the middle class. But a drop-off in the number of foreign buyers and barely growing local wages have led the market to cool considerably.

In July, home sales in Miami-Dade fell nearly 21 percent.

South Florida home prices are now growing at their slowest rate since the market began to recover in 2012. Even so, they still stand at about three-quarters of their pre-crash peak, although waterfront markets like Miami Beach have risen above bubble-era pricing.

The metro areas with the hottest home prices in July were Portland (up 12.6 percent), Seattle (up 11 percent), Denver (up 9.2 percent), Dallas (up 8.9 percent) and Tampa (up 7.9 percent). Home prices were up 5.1 percent nationwide.