Ft Lauderdale Real Estate News 11/27/16
Ft. Lauderdale, South Florida Offers More Upside Than Other Housing Markets
A national housing index released Tuesday provides more evidence of steady home price growth in South Florida.
Prices in Palm Beach, Broward and Miami-Dade counties increased 6.7 percent in September from a year earlier, according to data from the S&P CoreLogic Case-Shiller index.
Only five of the 19 other metro areas tracked by Case-Shiller posted higher price gains. Seattle led with an 11 percent increase, while prices in Portland, Ore., rose 10.9 percent, Denver (8.7 percent), Dallas (8) and Tampa (7.5) rounded out the top five.
Nationally, the index surpassed a previous high set in September 2006, though David M. Blitzer, chairman of the index committee, said in a statement that prices in South Florida and other areas still have room to grow.
"While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms — Miami (the region including the three counties), Tampa, Phoenix and Las Vegas — remain well below their all-time highs," he said.
The tricounty region is still 23 percent below its peak reached in December 2006, according to Case-Shiller.
The index measures the price of the same house over time, but it lags local Realtor board data by one month. Realtor boards measure home values by releasing a median price for homes sold in a month.
Recent reports from Realtor boards and real estate website Zillow.com also show...