Press Releases

Miami-Fort Lauderdale Home Value Appreciation Slowed in Last Quarter, Says Zillow.com Home Values Report

Condo Appreciation Decelerated, but Continued to Strongly Outpace Nation

Aug 14, 2006

Miami-Fort Lauderdale – August 14, 2006—Single-family homes in the Miami-Fort Lauderdale area appreciated at an annualized rate of 7.5% during the second quarter of 2006 – down considerably from their pace of 19.1% for the previous year, according to the findings of Zillow.com’s inaugural quarterly home values report. The values of both single-family homes and condominiums in Miami-Dade and Broward Counties continued to grow in the quarter that ended in June, as measured by Zillow.com’s Zindex™ home value indicator. The Zindex is a measure of the median value of all homes in the area (not just those that sold). While Zindex growth for single-family homes slowed considerably, the appreciation rate for condos was off only slightly from its torrid pace. The Zindex for area condos increased at an annualized rate of 17.8% for the quarter, compared to the appreciation rate of 23.5% for the past year. That growth also far outstrips the national condo appreciation rate of 2% annualized for the second quarter. The Zindex for all single-family homes in the area stood at $341,763 in June 2006, while the condo Zindex was $219,242. “What stands out in South Florida is the marked slowing in appreciation for single-family homes but little slowing for condos, which continue to appreciate rapidly and at a similar pace to the past five years,


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