Home prices rise slightly in Miami

Home prices in the Miami-Miami Beach-Kendall metro area increased by 0.3
percent in October compared to the previous year, according to a report
from CoreLogic. Excluding distressed sales, year-over-year prices
jumped by 6.3 percent in the area. Nationally, home prices fell 1.3
percent from September to October, the third consecutive monthly drop.
On a year-over-year basis, national home prices, including distressed
sales, also decreased, falling 3.9 percent. “Home prices continue to
decline in response to the weak demand for housing,” said Mark Fleming,
chief economist for CoreLogic. “While many housing statistics are
basically moving sideways, prices continue to correct for a supply and
demand imbalance.” Fleming said that the firm’s forecasts indicated flat
growth nationwide through 2013. — Alexander
Britell