The Real Deal Miami

Miami-Dade home prices show uptick in July

Analysts cite consumer confidence and housing demand
A bird's-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)

A bird’s-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)

Home prices in Miami-Dade County grew yet again during July, at a slightly higher rate than the county has seen for the past few months.

Single-family home prices in the county appreciated 1.3 percent month-to-month in July and 7.9 percent year-over-year, according to a new report from CoreLogic. The report does not give exact figures for home prices.

Anand Nallathambi of CoreLogic

Anand Nallathambi of CoreLogic

This growth is uncharacteristic of a market that has been slowing down for the past few months. The rate at which prices have grown in the county has fallen by fractions of a percentage point each month.

In June, prices grew only 0.3 percent month-to-month and 6.7 percent year-over-year, marking the year smallest appreciation in price. July marked a noticeable bounce-back for the county.

“Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” Anand Nallathambi, president and CEO of CoreLogic, wrote in the report. “Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever rising rental costs.”