Home prices rose nationwide in November 2014 by 5.5 percent compared to the same month the previous year.
In Miami, Miami Beach and Kendall, home prices, including distressed sales, increased by 8 percent in November 2014 compared to November 2013, according to CoreLogic’s November 2014 Home Prices Index, released Tuesday.
On a month-over-month basis, home prices in the area increased by 0.7 percent in November 2014 compared to October 2014.
In spite of the year-over-year gains, the changes from peak-to-current pricing remain stark. Nevada led the country with the largest peak-to-current declines, according to the report, with a change of -35.7 percent. Florida followed at -33.4 percent with Arizona, Rhode Island and Connecticut trailing behind.
“The pace of home price gains have slowed as we exit 2014 but this is probably only a temporary lull,” said Anand Nallathambi, president and CEO of CoreLogic, in a news release. “While the CoreLogic HPI Forecast shows a slight dip in prices next month, we believe that prices will be up a year from now as continued economic growth fuels buyer confidence and their willingness to purchase a home and invest in their future.” — Katherine Kallergis