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South Florida home prices rise again in September as nation reaches new high

South Florida home prices rise again in September as nation reaches new high
Seattle led the nation for swelling home prices with an 11 percent increase year-over-year
November 29, 2016 12:05PM

Downtown Miami skyline (Credit: Miamiism)

The steady rise of South Florida’s home prices showed no signs of stopping in September, according to a new report, all while housing costs for the nation’s residential market reach a new high.
The S&P CoreLogic Case-Shiller released a report Tuesday that says the cost of South Florida’s housing stock rose 6.7 percent year-over-year in September, marking the sixth-largest jump in prices across the nation. The price index gathers its data from arms-length home sales in metropolitan areas throughout the United States.
Seattle took the lead with an 11 percent spike in housing costs, followed closely by Portland with 10.9 percent, Denver with 8.7 percent, Dallas with 8 percent and Tampa with 7.5 percent.
Though prices in South Florida’s residential market continue to swell — primarily thanks to a lack of distressed sales and quickening sales for mid-level homes — trouble could be brewing for the region’s luxury sector.
EWM International Realty CEO Ron Shuffield recently told The Real Deal that many luxury homeowners will have to drop their asking prices if they seriously want to sell, as the supply of properties listed above $1 million is piling up.
For the nation as a whole, September marked a new peak for prices in the U.S. housing market. The S&P report stated its national home price index swelled 5.5 percent year-over-year, bringing the metric to its highest point since July 2006 before the housing crash. — Sean Stewart-Muniz

Source: The Real Deal

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