Miami area home prices continue to fall

Home prices in the Miami metropolitan area dropped again in November 2008, according to S&P/Case-Shiller Home Prices Index data released today. Home prices fell 2.2 percent between October and November and 28.7 percent year over year. Miami’s index value at the end of November was 169.62. Since the index was set at a base value of 100 in January 2000, the index value means Miami area homes have appreciated 69.62 percent since then. TRD