The Real Deal Miami

Miami metro area shows slight price increase: Case-Shiller index

May 29, 2012 12:00PM

The Miami metropolitan area showed a 2.5 percent increase in home values in March compared to the same period in 2011, according to the Standard & Poor’s/Case-Shiller Home Price Index. Miami’s metro area had an index of 140.76 in March, which was a 0.9 percent increase from February. Nationally, prices fell by 1.9 percent in the same period. “While there has been improvement in some regions, housing prices have not turned,” said David Blitzer, chairman of the Index Committee at S&P Indices. “This month’s report saw all three composites and five cities hit new lows.” Miami was one of seven cities in which annual rates of change had turned positive, according to Blitzer. “This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change,” he said. “Once we see this on a broader level, we will be able to say the market has turned around.” — Alexander Britell