Case-Shiller index shows South Florida home prices up 16.5 %

Case-Shiller Index Shows South Florida Home Prices Up 16.5 Percent

An index measuring South Florida home prices rose 16.5 percent in November from a year ago. It was the 25th consecutive month with a year-over-year increase for Palm Beach, Broward and Miami-Dade counties.

The bounce-back from the bottom in 2012 and 2013 also was intense, with investors fueling resurgence in housing that saw bidding wars and fast price increases.  2014 might be the year the market finally takes a breath to increase a more moderate normal pace.

All 20 metro areas nationwide tracked by the Standard & Poor's/Case-Shiller index showed year-over-year price gains. Las Vegas posted the highest jump at 27.3 percent. San Francisco was second at 23.2 percent.

"Combined with low inflation -- 1.5 percent in 2013 – homeowners are enjoying real appreciation and rising equity values," David M. Blitzer, chairman of the index committee for Standard & Poor's, said in a statement. "While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year.” Actually, unless you are an investor, you don't want to have home-price gains outpace gains in income — otherwise, you end up with an affordability problem. Historically, home values increase at about 4 percent a year.

The index, released on the last Tuesday of each month, follows the values of the same house over time. Some analysts say that's a better measure than releasing a median price for homes sold in a month, as local Realtor boards do. The index does not include prices for condominiums and lags local Realtor board data by a month.

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