South Florida home prices rose in June for the 18th consecutive month, according to a national index released Tuesday.
Prices in Palm Beach, Broward and Miami-Dade counties jumped 14.8 percent from a year ago, data from the Standard & Poor's/Case-Shiller home price index show. All 20 metro areas nationwide tracked by the report posted annual price gains.
But month-to-month price increases slowed here and across the country. In South Florida, the index inched up 2.6 percent from April to May, but only 2.1 percent from May to June. Twelve other metro areas also saw their monthly increases dip.
Home affordability is still good, but rising interest rates appear to be curtailing some of the recent price spikes, David M. Blitzer, chairman of the index committee, said in a statement.
“Overall, the report shows that housing prices are rising but the pace may be slowing," he said.
Analysts have expected prices to moderate, saying the fast gains were unsustainable.The index tracks prices of the same house over time. Some industry followers say that's a better measure of the market than median prices of homes sold in a given month. But Case-Shiller does not include prices for condos and trails Realtor board data by a month.
Last week, the Greater Fort Lauderdale Realtors said Broward County’s median price for existing homes in July was $275,000, a 28 percent increase from a year ago. In Palm Beach County, the median last month was $249,000, up 15 percent from a year earlier, according to the Realtors Association of the Palm Beaches.
Despite the annual increase, Palm Beach County's median has declined for three consecutive months since hitting $265,000 in April.