Miami metro area sees 12 percent increase in home prices: report

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The Miami-Miami Beach-Kendall metropolitan area saw an 11.9 percent increase in home prices in July compared to the same period in 2011, according to a report released today by CoreLogic. That represented a 3.3-percent increase over June 2012. Statewide, home prices rose 6.6 percent in Florida, while home prices nationally improved by 3.8 percent. “The housing market continues its positive trajectory with significant price gains in July, and our expectation [is] of a further increase in August,” said Mark Fleming, chief economist for CoreLogic, in a statement. “While the pace of growth is moderating as we transition to the off season for home buying, we expect a positive gain in price levels for the full year.”  — Alexander Britell