Home prices increase in Miami

Home prices in the Miami metro area, including distressed sales, increased by 0.3 percent in December compared to the same period in 2010, according to a report from CoreLogic. Excluding distressed sales, year-over-year prices jumped by 6.6 percent in December, and increased by 5 percent compared to the previous month. Nationally, home prices decreased by 4.7 percent year-over-year in December, the fifth consecutive year with a national decrease in the Home Price Index. “Until distressed sales in the market recede, we will see continued downward pressure on prices,” said Mark Fleming, chief economist for CoreLogic. — Alexander Britell