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Miami home prices register second straight monthly decline: S&P/Case-Shiller
Click to enlarge (source: S&P/Case-Shiller)
Home prices in the Miami metro area declined for the second straight month in August, down 0.3 percent from July and 1 percent from August 2009, according to the latest S&P/Case-Shiller Home Price Index report, released today (see the full report below). Miami was among the 15 metropolitan areas across the country out of 20 tracked by S&P to register a month-over-month price drop as the overall U.S. housing market faltered at the end of the summer. During that time period, the annual growth rate decelerated in 17 of those 20 metro areas, and negative growth rates were seen in 12 regions, S&P said. “A disappointing report,” said David Blitzer, chairman of the index committee at S&P. “The housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers’ tax credits.” TRD