Case Shiller Housing Index: June 2014: South Florida Housing Market Price Increases Continue

The South Florida real estate market saw prices increase by 11.5% on a year-over-year basis in June 2014, according to the Case Shiller Index.  This compares favorably with the US as a whole, which increased by 8.1% in June 2014 over June 2013, as measured by the Case Shiller Composite-10 and Composite-20, according to the Case Shiller Index.

However, the Case Shiller Index on a sequential basis shows the South Florida market was up only 0.6%, compared with 1.0% for the US in June 2014.  All-in-all, the Index is showing continued price appreciation.

David Blitzer, Chairman of the Index Committee stated, "for the first time since February 2008, all cities showed lower annual rates than the previous month.  Other housing indicators-- starts, existing home sales and builders' sentiment -- are positive.  Taken together, these point to a more normal housing sector."

The average home price across the US in June 2014 is at the level of the spring of 2005, according to Case Shiller Index.

According to Case Shiller, the average national home price is approximately 17% in July 2014 off the peak of June / July 2006.  The Index also shows the national composites are about 27.8% to 28.5% higher in June 2014 when compared with the March 2012 low point.

Areas of interest:

Jun-14	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	176.28	0.50%	7.00%
Chicago	129.83	1.40%	6.60%
Miami	186.39	0.60%	11.50%
Minneapolis	141.27	0.60%	6.70%
New York	175.26	1.60%	4.30%
Tampa	161.25	1.20%	9.10%
Composite 10	187.19	1.00%	8.10%
Composite 20	172.33	1.00%	8.10%
Source:
S&P Indices
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