Miami home prices jump 11 percent

Home prices in the Miami-Miami Beach-Kendall metro area, increased by 11 percent in February, compared to the same period in 2011, according to a report from CoreLogic. As a whole, Florida saw a 4.7 percent increase in home prices, the third-largest increase of any state in America. “The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months,” said Anand Nallathambi, president and CEO of CoreLogic. “In fact, hon-distressed home sale prices, which represent two-thirds of all sales, have appreciated by just over 1 percent since the beginning of the year.” — Alexander Britell