Case Shiller Index: April 2014: South Florida Price Appreciation Continues To Outpace US Overall On Year-Over-Year Basis

Home prices in the South Florida market grew by 14.7% in April 2014 over April 2013, according to the Case Shiller Housing Index; this compares with 10.8% for the US market (i.e., Composite-10 and Composite-20).  On a sequential basis, the South Florida market kept pace with the overall market at 1.1%, according to the Case Shiller Index.

According to Case Shiller, home prices in the US are back to the summer of 2004.  Measured off the June/July 2006 peak, the April 2014 Case Shiller report stated the peak-to-current decline for the US is 18% to 19%.  The report went on to say the recovery from March 2012 lows is 25% to 26% for the US composites.

David Blitzer, Chairman of the Index Committee stated, "although the home prices rose in April, the annual gains, weakened... Overall, prices are rising month-to-month, but at a slower rate."

Mr. Blitzer's comments continued: "Near term economic factors favor further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015 and the labor market is improving.  However, housing is not back to normal: prices are being supported by cash sales, low inventories and declining foreclosures and REO sales."

Other areas of interest:

Apr-14	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	173.51	2.90%	9.00%
Chicago	125.98	2.00%	10.70%
Miami	183.19	1.10%	14.70%
Minneapolis	138.67	1.10%	9.40%
New York	170.76	0.10%	5.40%
Tampa	156.56	1.20%	10.20%
Composite 10	183.28	1.00%	10.80%
Composite 20	168.71	1.10%	10.80%
Source:
S&P Indices
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