September marked another month of swelling home prices from Miami-Dade County, according to a report from CoreLogic.
The analytics company reported that prices in Miami-Dade County grew by 7.7 percent in September, compared to the same month in 2014.
Those figures are gleaned from home sales during the month, including distressed properties, or homes that are at risk of foreclosure.
Although the market’s direction so far this year has been a slowdown in growth, September bucked the trend with an uptick in prices. August had a year-over-year increase of 7.4 percent, which had fallen from 7.9 percent in July.
“The continued growth in home prices is welcome news for many homeowners but more markets are becoming overvalued. In the near term, this trend is likely to continue and pose evaluated risks to the housing economy,” Anand Nallathambi, president and CEO of CoreLogic, wrote in the report. “More has to be done to expand inventories if we are going to address the emerging affordability crisis, especially in hot markets like California and Colorado.”
Statewide, prices grew by 7.8 percent year-over-year during September. And nationwide, price growth was 6.4 percent.