Home prices increased across South Florida in June and are inching ever closer to the peaks achieved before the market meltdown a decade ago.
Still, analysts are not forecasting another historic collapse.
They say the robust market is due for a dip and predict prices will level out rather than plummet as they did during the housing bust of 2006-2011.
“Am I concerned? Yes,” said Ken Johnson, an economist and professor at Florida Atlantic University. “Is there evidence of a four-alarm fire? No.
“Most of the economic indicators support today’s prices. I just don’t see us waking up one day like we did in 2008 or 2009 and realizing we’re in a free fall.”
Palm Beach County’s median price for existing, single-family homes last month was $345,000, up 8 percent from a year earlier, the Realtors Association of the Palm Beaches said Monday.
Broward’s median hit $355,000, 9 percent higher than June 2016, according to the Greater Fort Lauderdale Realtors. In Miami-Dade County, the median last month was $335,000, a 6 percent bump, the Miami Association of Realtors said.
The median means half the homes sold for more and half for less.