Home prices in South Florida and across the nation increased in June, offering more hope that the housing market is recovering from the six-year bust.
Prices in Palm Beach, Broward and Miami-Dade counties rose 1.6 percent in June from May and 4.4 percent from a year ago, figures from the Standard & Poor's/Case-Shiller home price index show.
It’s the sixth consecutive month that prices have increased annually in the three counties. Prices have climbed on a monthly basis since December.
The 19 other major metro areas covered by the index saw monthy improvement, while 12 other metros had year-over-year price gains.
"We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change," David M. Blitzer, chairman of the index committee, said in a statement Tuesday. "The market may have finally turned around."
Case-Shiller tracks prices of the same house over time. Analysts say that’s a better measure than releasing a median price for homes sold in a month, as local Realtor trade groups do. The index does not include condominiums and trails Realtor data by a month.
July figures from local Realtor boards released last week showed that median prices were up in Palm Beach and Broward counties. Strong demand is cutting into the supply of available homes and helping to raise prices.
Report: S. Fla. home prices rise in June | House Keys blog
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