The Real Deal Miami

Florida home prices show gradual
July 13, 2010 03:45PM

CoreLogic economist Mark Fleming

Florida single-family home prices saw a gradual year-over-year decline in May, according to real estate tracking firm CoreLogic. The state’s rating on CoreLogic’s home price index dipped 1.9 percent. As in the past, Florida‘s rating shows more distress than the rest of the country — nationwide home prices saw a 2.9 percent year-over-year increase on the index, marking the fourth consecutive month of yearly home price growth. But this data does not necessarily indicate that the housing market is out of the woods, according to Mark Fleming, chief economist with CoreLogic. Fleming said that the first-time homebuyer tax credit, which required contracts to be signed by the end of April, was the likely culprit behind the late Spring sales boost. “Given that the labor market and income growth remain tepid, we expect prices to moderate and possibly decline the rest of the year,” Fleming said. TRD