Press Releases

South Florida Home Values Show Modest Signs of Slowing in the Third Quarter, Says Zillow.comâ„¢ Home Values Report

Area home value appreciation slows slightly yet continues to significantly outpace the nation; Miami-Dade outperforms Broward

Nov 7, 2006

Miami – November 8, 2006— Home values in South Florida (Miami-Dade and Broward Counties) continued to appreciate at double the national average year-over-year for the third quarter, however the rate of appreciation slowed significantly from earlier this year, according to South Florida homes appreciated at a rate of 12.9 percent year-over-year, compared to national appreciation of five percent for the period. However, homes appreciated only one percent from the second quarter of 2006, showing the rate of appreciation in South Florida is slowing. This appreciation is measured by the Zindex™ home value indicator, which measures the value of all homes in an area (not just those that sold). Miami-Dade outperforms Broward Miami-Dade County saw a 16 percent Zindex increase year-over-year, more than three times the national rate of appreciation, with median home values reaching $319,372 (a 2.5 percent sequential increase from the second quarter). The Zindex for Broward County increased 10.8 percent year-over-year to $289,180, however Broward saw a slight sequential decline in home values from the second quarter (-0.3 percent), indicating a sharp slowing in Broward County home value appreciation. “While the South Florida real estate market is still up on year-over-year basis, there are dramatic signs of cooling in the market, clear evidence that South Florida is not immune to the downward pressure being felt in many parts of the country,