Home Prices Highest Since 2009 Tax Credit Boom

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South Florida Home Prices Highest Since 2009 Tax Credit Boom

by Kim Miller

Home prices in Palm Beach, Broward and Miami-Dade counties were up more than 5 percent in July from the previous year, pushing pricing to levels not seen since the 2009 tax-credit driven increase.

According to the Standard & Poor’s/Case-Shiller index released this morning, all 20 metropolitan areas measured, including South Florida, saw higher prices in July over June with an average increase of 1.6 percent.

Analysts specifically mention South Florida in their report. July marked the eighth straight month of price increases in the three counties.

“Among the cities, Miami and Phoenix are both well off their bottoms with positive monthly gains since the end of 2011,” said David Blitzer, chairman of the index committee. “All in all, we are more optimistic about housing. Upbeat trends continue.”

Pricing hikes seen in the fall of 2009 before the first-time homebuyer tax credit was extended pushed Florida’s prices to post-crash highs, which then toppled after the tax credit’s expiration in 2010. In July, the index level in South Florida was about the same as in October 2009.

Still, South Florida’s July home sale prices are 47 percent below what they were at the peak of the market in December 2006.

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