The Real Deal Miami

Home prices fall in Miami: S&P

December 27, 2011 02:53PM

Home prices in Miami fell 4 percent in October, compared to the same
period in 2010, according to the latest Standard &
Poor’s/Case-Shiller Home Price Indices report. In the Miami metro area,
the index hit 138.20 in October, down 1.2 percent from September, and 4
percent from October 2010. Nationwide, S&P’s 20-city composite and
10-city composite showed declines of 1.2 percent and 1.1 percent,
respectively. Nineteen of the 20 cities covered by the indices also saw
home prices decrease over the month. Existing home sales rose nationwide
in November, but were still at a low annual rate of about 4 million.
Single-family housing starts also rose, but remained close to record
lows and were still down about 1.5 percent compared to October 2010. — Lauren Elkies