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South Florida Home Prices Cooling as Summer Heats Up

Posted by Gloria Singer on Wednesday, June 28th, 2017 at 9:32pm.

South Florida Market Update - 2017While much of South Florida has been a red hot seller’s market over the first half of 2017, home price gains are starting to slow a bit according to the latest S&P CoreLogic Case-Shiller Index.

In both January and February, home prices in Palm Beach, Broward, and Miami-Dade Counties jumped 6.7% compared to the first two months in 2016, and in March, the year-over-year increase dropped slightly, but still reached 6%.

Now, newly released figures posted another slight drop compared to the first three months of 2017, registering just a 5.4% increase when looking at the numbers from April 2016 and April 2017.

In Boca Raton and much of the surrounding South Florida area, strong demand and limited inventory are undoubtedly the two primary driving forces behind the robust seller’s market in early 2017, although home prices in general have still been steadily on the rise over the last five years.

The S&P CoreLogic Case-Shiller Index tracks home prices across 20 major metropolitan areas and is widely considered to be a leading measure of home prices in the U.S. According to the latest release, the national average for home price gains in April was 5.5%, or just a notch above what was recorded for the tri-county region here in South Florida during that same time.  

So with summer truly being an underrated time to buy a home or condo in Boca, perhaps taking a closer look at what's currently on the market may not be a bad idea with home prices appearing to cool off a bit heading into the height of the slow season.

Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market. 

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