South Florida home prices dropped 0.3% from January on a seasonally adjusted basis, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday.
The South Florida metro area, which includes Palm Beach, Broward and Miami-Dade counties, saw prices decline by 4.4% from February 2009. South Florida was one of 11 communities that posted year-over-year declines, but the 20-city index showed a 0.6% increase during the same period.
David M. Blitzer, chairman of the Index Committee for Standard & Poor’s, said the national numbers indicate that home prices could decline further before any sustained gains are realized.
“It is too early to say that the housing market is recovering,” he said.
The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month, as the Florida Realtors trade group does.
The South Florida metro area, which includes Palm Beach, Broward and Miami-Dade counties, saw prices decline by 4.4% from February 2009. South Florida was one of 11 communities that posted year-over-year declines, but the 20-city index showed a 0.6% increase during the same period.
David M. Blitzer, chairman of the Index Committee for Standard & Poor’s, said the national numbers indicate that home prices could decline further before any sustained gains are realized.
“It is too early to say that the housing market is recovering,” he said.
The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month, as the Florida Realtors trade group does.
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