April 4th, 2012 9:27 AM by Sherry Lee
Case-Shiller: Home prices begin 2012 on a down note
By Paul Owers March 27, 2012 09:35 AM
Home prices fell in January across South Florida and much of the nation, according to a leading index released Tuesday.
Prices in Palm Beach, Broward and Miami-Dade counties declined 1.9 percent from a year ago, figures from the Standard & Poor’s/Case-Shiller index show. Denver, Detroit and Phoenix were the only three of 20 metro areas nationwide where prices rose compared with January 2011.
South Florida was one of three metro areas to see prices rise compared with December. Phoenix and Washington, D.C., were the others.
David M. Blitzer, chairman of the index committee at Standard & Poor’s, said in a statement the country’s price declines continue “despite some positive economic signs.”
Case-Shiller is one of the most respected measures of home prices because it tracks the price of the same house over time. The Florida Realtors and local Realtor boards release a monthly median price, but many analysts say the median is misleading because it reflects only the value of what sold during the month -- not the value of all homes in an area.
The Case-Shiller index lags Realtor data by a month and does not include condominiums. Also, the Realtor groups measure prices in Palm Beach, Broward and Miami-Dade counties separately while Case-Shiller includes data for all three counties collectively.
Last week, the Greater Fort Lauderdale Realtors said Broward County's median price increased 6 percent in February from a year ago. The Realtors Association of the Palm Beaches reported a 10 percent decline in Palm Beach County over the same period.