South Florida home prices continued to gallop ahead, showing a nearly 11 percent jump in February from the year before, the 14th consecutive month of increases, a leading index reported Tuesday.
However, the monthly increase in Broward, Palm Beach and Miami-Dade counties slowed to 0.3 percent in February; it had been at 0.8 percent in January, according to Standard & Poor's/Case-Shiller index.
Still, South Florida was among half the 20 metro areas that showed double-digit increases in home prices over the last year with a 10.8 percent jump, the index found. The Phoenix area had the sharpest jump -- 23 percent rally in a year.
Overall, the S&P/Case-Shiller index continued to show widespread improvement across the country.
"Home prices continue to show solid increases across all 20 cities," said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices in a statement. "Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in
Case-Shiller tracks prices of the same house over time. Some analysts say that's a better measure of the market than median prices of homes sold in a given month. But the index does not include prices for condos and trails Realtor board data by a month.
Last week, Broward County’s median price for existing homes in March was $242,500, a 26 percent increase from a year earlier, according to the Greater Fort Lauderdale Realtors. In Palm Beach County, the median price last month hit $249,894, 28 percent higher than a year ago, the Realtors Association of the Palm Beaches reported.
dgehrke@tribune or Twitter @donnagehrke
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