The Real Deal Miami

Miami home prices down in fourth quarter, U.S. prices lowest since 2006

February 28, 2012 01:30PM

S&P's David Blitzer

Home prices in the Miami metro area fell by 3.8 percent in the fourth quarter of 2011 compared to the last quarter of 2010, according to the Standard & Poor’s/Case-Shiller Home Price Index. Nationally, the Home Price Index fell by 4 percent compared to the same period in 2010, their lowest level since 2006. Miami’s 137.70 value was 9.2 percent higher in December than it was in November.“In terms of prices, the housing market ended 2011 on a very disappointing note,” said David Blitzer, chairman of the Index Committee at S&P Indices. “While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended.” — Alexander Britell