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Case-Shiller index: House prices up 16.5 percent in South Florida

By Paul Owers - Sun Sentinel

An index measuring South Florida home prices rose 16.5 percent in November from a year ago.

It was the 22nd consecutive month with a year-over-year increase for Palm Beach, Broward and Miami-Dade counties.

All 20 metro areas nationwide tracked by the Standard & Poor's/Case-Shiller index showed year-over-year price gains. Las Vegas posted the highest jump at 27.3 percent. San Francisco was second at 23.2 percent.

"Combined with low inflation -- 1.5 percent in 2013 homeowners are enjoying real appreciation and rising equity values," David M. Blitzer, chairman of the index committee for Standard & Poor's, said in a statement. "While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year.
The index, released on the last Tuesday of each month, follows the values of the same house over time. Some analysts say that's a better measure than releasing a median price for homes sold in a month, as local Realtor boards do.

The index does not include prices for condominiums and lags local Realtor board data by a month.

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