Florida Inv | Jean Deglon
South Florida home prices closing in on previous peaks

South Florida home prices closing in on previous peaks

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.

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