The Real Deal Miami

Miami home prices rank fourth in country for growth

Miami home prices rose 8.7% in March, year-over-year

May 26, 2015 01:00PM

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Downtown Miami

A rooftop shot of downtown Miami

Miami saw some of the country’s largest gains in home prices, according to S&P Case-Shiller’s Home Prices Indices for March 2015.

Home prices in Miami grew 8.7 percent during March compared to the same month last year, outranked only by Denver, San Francisco and Dallas.

On a month-to-month basis, Miami saw only a 1 percent bump in home prices from February to March and a 0.4-percent increase from January to February, meaning price gains have accelerated during the first quarter of 2015 — albeit slowly.

Nationally, the report stated home prices have continued to grow over the past 35 months. Detroit led the pack with 45 months of consecutive increases.

“Given the long stretch of strong reports, it is no surprise that people are asking if we’re in a new home price bubble.”  David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices, said in a statement. “The only way you can be sure of a bubble is looking back after it’s over. I would describe this as a rebound in home prices, not bubble and not a reason to be fearful.” — Sean Stewart-Muniz