Case-Shiller: Miami home prices up 5.3 percent

Miami home prices saw a 5.3 percent jump in July compared to the same period in 2011, according to the latest Home Price Index report from Standard & Poor’s/Case-Shiller. Miami had a price index of 148.70 in July, a 2.1 percent improvement from the previous month and the sixth-highest in the nation. A composite of 20 U.S. cities saw a 1.2 percent year-over-year improvement in prices. “Home prices increased again in July,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. “The news on home prices in this report confirm recent good news about housing. Single-family home starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing.” All 20 cities and both Composites increased month-to-month for the third time in a row. — Alexander Britell