March marked yet another month that home prices in Miami rose, according to a report from CoreLogic released Tuesday.
The report stated that the city’s home prices jumped 7.1 percent when compared to March of 2014. Prices also grew 1.1 percent from February of this year.
Nationwide, March was the 37th consecutive month of year-over-year growth for home prices.
Florida was among the top five highest-appreciating states in the country for home prices last month.
The report attributed the growth to limited home inventory and increasing demand from buyers, which local Realtors have been experiencing over the past few months.
“All signs are pointing toward continued price appreciation throughout 2015. In fact, the strong month-over-month gain in March may be a harbinger of accelerating price appreciation as we enter the spring selling season,” President and CEO of CoreLogic Anand Nallathambi said in a statement. “Tight inventories, job growth and the inexorable impact of demographics and household formation are pushing price levels in many states, and especially large metropolitan areas like Dallas, Denver, Houston, Seattle and San Francisco, toward record levels.”
Though this report expects home prices to continue appreciating, a separate study released by RealtyTrac last month found slowing growth in South Florida and nationwide. — Sean Stewart-Muniz