The Miami housing market posted the second-highest median home price increase in the nation, according to a new market report released by brokerage Movoto.
Miami’s median price per square foot totaled $187 at the end of November. That represents a 20.6 percent gain from the median home price in November 2012. Only Phoenix, Ariz. had a bigger year-over-year increase.
Movoto’s “State of the Market” report also shows that Miami is getting an influx of much-needed for-sale inventory. The market’s inventory levels reached 6,753 at the end of November. That is a 29.3 percent rise from the November 2012 inventory.
To determine the median price per square foot and inventory levels in the 38 U.S. cities it tracks, Movoto mines data from each city’s Multiple Listing Service. — Eric Kalis