South Florida home values rose 12 percent in the first quarter of 2013, but prices likely won’t keep appreciating at that pace, Zillow.com says.
The real estate website’s Home Value Index for Palm Beach, Broward and Miami-Dade counties was $159,000, compared with $141,800 in the first quarter of 2012.
The South Florida index peaked at $310,500 in April 2006. Zillow’s report reflects the values of all homes in an area, not just those that sold in a given month.
Values have steadily increased across the region over the past year following a prolonged housing bust. But the Seattle-based website forecasts price gains here to slow to 5 percent through early 2014.
Zillow Chief Economist Stan Humphries said recent spikes aren’t sustainable. He expects values nationwide to soften when mortgage rates increase and more owners list their properties for sale.