An aerial view of Miami
It seems South Florida’s skyrocketing price growth has begun to fizzle out.
The newly released S&P/Case-Shiller Home Price Indices show the region, which once saw double-digit appreciations during the boom, has now fallen out of the top 10 metropolitan areas for price growth in February.
South Florida’s home prices rose by 6.2 percent year-over-year in February, according to the report. And between January and February, home values barely budged upward by 0.1 percent. Those figures mean South Florida ranked No. 11 in the nation for rising prices during that month.
At the top of the list was Portland, Oregon, a hip city that’s seeing an explosion in home values as its popularity with millennials continues to grow. Home prices there rose by 11.9 percent year-over-year. Behind Portland was Seattle, Washington, with 11.0 percent, and Denver, Colorado, with 9.7 percent.
South Florida’s slowing price growth is a strong indicator that its real estate market is starting to cool. As recent reports have indicated, home sales in the region have fallen significantly, which could lead to property owners lowering their asking prices in the near future.
Source: The Real Deal Miami