The Real Deal Miami

Miami-Dade home prices pick up in March: report

Values rose 8.4 percent, year-over-year, despite home sales slowdown

May 03, 2016 01:30PM

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A December 2011 photo of the Miami skyline (Credit: John Spade)

A December 2011 photo of the Miami skyline (Credit: John Spade)

Prices in Miami-Dade County’s residential market continued growing in March, according to a newly released report.

Real estate analytics company CoreLogic looked at all Miami-Dade home sales in March and compared their prices to those sold in March 2015.

The report found prices rose by 8.4 percent, making Miami-Dade the third-highest county for price growth in the U.S. during March. At the top was Denver, Colorado, where prices spiked by 10.9 percent year-over-year, followed by San Francisco, California, with 9.3 percent.

Despite a significant slowdown in Miami-Dade home sales over the past two quarters, home prices have continued rising steadily. Market analysts have said prices tend to lag behind the trends set by home sales, so home values could continue growing at this rate for more than a year.

Nationally, home values rose by 6.7 percent in March.

“[U.S.] home prices reached the bottom five years ago, and since then have appreciated almost 40 percent,” Anand Nallathambi, president and CEO of CoreLogic, said in the report. “The highest appreciation was in the West, where prices continue to increase at double-digit rates.” — Sean Stewart-Muniz