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Home prices jump 10 percent in Miami metro

July 02, 2012 12:00PM

Home prices in the Miami-Miami Beach-Kendall metropolitan area, including distressed sales, rose by 9.8 percent in May compared to the same period in 2011, according to a new report from CoreLogic. Excluding distressed sales, year-over-year prices increased by 7 percent in the same period. Nationally, home prices rose by 1.8 percent in May, the third consecutive nationwide increase in home prices. “The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle,” said Anand Nallathambi, president and CEO of CoreLogic. “Tighter inventory is contributing to broad, but modest price gains nationwide and more significant gains in the harder-hit markets, like Phoenix.” — Alexander Britell