Case-Shiller: Miami home prices up 7.4 percent

Miami home prices rose 7.4 percent in September compared to the same period in 2011, according to the latest Standard & Poor’s/Case-Shiller home price index released today. Miami’s home prices were up 0.1 percent compared to August 2012. It was the fourth-highest increase in the period for any metropolitan city, with Phoenix seeing the largest year-over-year increase at 20.4 percent. The national composite was up 3.6 percent in the third quarter compared to the same period in 2011. “The residential market is gaining momentum and we will see the market continue to strengthen as inventory available for sale continues to decline,” said Richard Green, director of USC’s Lusk Center for Real Estate, in a statement. “Additionally, Case-Shiller is a month behind, so these results do not reflect the full strength of price movements that occurred in October and so far this month.” — Alexander Britell