While national home prices slump, Miami’s rise

TRD MIAMI /
Apr.April 24, 2012 02:15 PM

Miami continues to show strength in the face of a struggling national housing market. According to the Standard & Poor’s/Case-Shiller Home Price Index, housing prices declined 3.5 percent year-over-year in February, but Miami prices actually appreciated by 0.8 percent. Miami was also one of just three markets tracked by the index to post positive monthly returns in February, as prices rose 0.6 percent, second only to Phoenix’s 1.2 percent monthly gain.

Despite the weak national picture, the February declines market an improvement from January’s steeper declines for 15 of the 20 metropolitan statistical areas covered in the survey. At the same time nine markets — Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa — hit new post-crisis lows.

The wildest pricing swings have occurred in Atlanta and Phoenix. The former posted a 17.3 percent annual decline in home prices, more than twice as much as the next worst-performing city and the fifth consecutive month of double-digit negative returns. On the other hand, Phoenix, one of the cities hit hardest by the financial crisis, has shown gains year-over-year for two months consecutively and month-over-month gains for five months consecutively.

“While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the early months of the year,” said David Blitzer, chairman of the index committee at Standard & Poors. — Guelda Voien


Related Articles

arrow_forward_ios
Zillow CEO Rich Barton (Credit: iStock)

Zillow Offers launches in South Florida

(Credit: iStock)

Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade

Miami skyline (Credit: iStock)

Bringing some sunshine to South Florida’s opaque resi report outlook

June residential sales plummet (Credit: iStock)

Resi sales plummet across South Florida’s three counties in June

South Florida skyline (Credit: iStock)

South Florida resi markets reported choppy sales in Q2: Elliman

The Miami skyline (Credit: iStock)

South Florida home sales rise in May as price growth slows

Coco Amar

May home sales rise almost 10% in Naples amid eastward market shift

Brenda Fioretti, managing broker at Berkshire Hathaway HomeServices Florida Realty (Credit: LinkedIn)

April sales of Naples-area houses and condos rose 12.8% as median price fell

arrow_forward_ios
Loading...