Miami metro home prices rise 8.8 percent, according to CoreLogic

Home prices, including distressed sales, in the Miami-Miami Beach-Kendall metropolitan area rose 8.8 percent in October compared to the same month in 2011, according to analytics firm CoreLogic. On a month-to-month basis, Miami metro home prices fell 1.1 percent compared to September. Nationally, home prices rose 6.3 percent year over year, the biggest increase since June 2006 and the eighth consecutive increase him home prices nationally. “We are seeing an ongoing strengthening of the residential housing market,” said Anand Nallathambi, president and CEO of CoreLogic. “Reduced inventories and improving buyer demand are contributing to stability and growth in home prices, which is essential to the long term health of the housing market and the broader economy.” — Alexander Britell