National home prices see biggest year-over-year increase since May 2006: report

Home prices, including distressed sales, in the Miami metropolitan area rose 8.8 percent in November, compared to the same month in 2011, according to a new report from CoreLogic. The Miami-Miami Beach-Kendall area saw a 0.1 percent increase month-to-month.But it was the national market that experienced the biggest jump. Nationally, CoreLogic’s Home Price Index saw a 7.4 percent year-over-year increase in November, the largest such increase since May 2006, and the ninth consecutive month that home prices increased nationally. “As we close out 2012 the pending index suggests prices will remain strong,” said Mark Fleming, chief economist for CoreLogic. —Alexander Britell