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Edgar L. Viera's Blog

By Edgar L. Viera | Agent in Weston, FL

Index shows South Florida home prices jump nearly 11% in year

By Donna Gehrke-WhiteSun Sentinel

South Florida home prices continued to gallop ahead, showing a nearly 11 percent jump in February from the year before, the 14th consecutive month of increases, a leading index reported Tuesday.

However, the monthly increase in Broward, Palm Beach and Miami-Dade counties slowed to 0.3 percent in February; it had been at 0.8 percent in January, according to Standard & Poor's/Case-Shiller index.

Still, South Florida was among half the 20 metro areas that showed double-digit increases in home prices over the last year with a 10.8 percent jump, the index found. The Phoenix area had the sharpest jump -- 23 percent rally in a year.

"Home prices continue to show solid increases across all 20 cities," said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices in a statement. "Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in
the economy."

Last week, Broward County’s median price for existing homes in March was $242,500, a 26 percent increase from a year earlier, according to the Greater Fort Lauderdale Realtors. In Palm Beach County, the median price last month hit $249,894, 28 percent higher than a year ago, the Realtors Association of the Palm Beaches reported.

dgehrke@tribune or Twitter @donnagehrke

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