According to a national report released Tuesday.South Florida home prices were flat in March over February.
The showing in Palm Beach, Broward and Miami-Dade counties mirrored Standard and Poor’s / Case-Shiller home price index of 20 U.S. cities. Eight cities posted gains, while 10 had declines. Tampa, like South Florida, had no change. The numbers are seasonally adjusted.
Don't get too excited about the monthly numbers, though. South Florida prices fell 1.7% in the first quarter compared to a year ago, according to the index.
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.
On Monday, the Florida Realtors said home sales and prices increased in Broward and Palm Beach counties in April compared to a year ago. Of course, much of the demand was fueled by the April 30 expiration of two federal tax credits. Still, some analysts say demand is here to stay because affordability has returned to the market.
David M. Blitzer, chairman of the Index Committee at Standard and Poor’s, said in a statement that the nation's housing market is in better shape than this time last year. But the end of the tax credits doesn’t bode well for the months ahead.
“We don't expect to see a boost in relative demand,” he said.
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