The Real Deal Miami

Reports: Home prices are up and hotels absorb new inventory

Miami ranked second for rising home prices in 2014
By Sean Stewart-Muniz | February 25, 2015 04:00PM

Sold Home For Sale Sign in Front of New HouseMiami home prices are second fastest growing in the U.S.: S&P Case-Shiller

Miami ranked second for rising home prices in 2014, growing 8.4 percent over the last 12 months.

“Movements in home prices show clear regional patterns. The western half of the nation plus Miami and Atlanta enjoyed year-over-year increases of 5 percent or more. San Francisco and Miami were the strongest,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in the report.

San Francisco topped the list with a 9.3 percent increase.

Annual occupancy rates for Florida hotels to outpace national growth: Marcus & Millichap

Florida’s occupancy rates are expected to top 71 percent in 2015, jumping past the national rate at 64 percent.

Newly completed hotels in Miami-Dade, Orlando and Tampa were absorbed into the market, with each showing improvements in occupancy rates, despite the increase in rooms.

Average daily rates for rooms are also growing, with a statewide jump of 5.9 percent this year to $132.33. More than one-fourth of hotels sold last year were defined as upscale to luxury, a significant increase over previous years.