The Real Deal Miami

Miami home prices fall to 2004 levels

By Adam Pincus | June 24, 2008 02:25PM

Prices of homes in the Miami metropolitan area dropped another 3.23 percent in April to their lowest level since December 2004, according to the latest figures from the S&P Case-Shiller Index, which excludes condos.

The monthly report showed that home prices in the region have lost 26.7 percent of their value over the past 12 months, while the nation’s 10 largest metro areas declined an average of 16.3 percent.

One positive sign for the region was that the market’s decline last month was smaller than in March, when the index reported a drop of more than 5 percent.

Nationwide, Chicago, Boston and Denver bucked the losing trend by showing growth in home values in April of less than 1 percent.