search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtVornado, Rudin reveal plan for larger 350 Park Avenue projectVornado, Rudin reveal plan for larger 350 Park Avenue project
South Florida

Miami home prices keep rising, year-over-year, in October

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)

October marked yet another month of rising home prices in Miami-Dade County, according to a new report from analytics company CoreLogic.

Home prices in Miami-Dade rose by 8.4 percent in October, when compared to the same month last year. On a month-to-month basis, housing prices appreciated by 0.8 percent between September and October, the report said.

Those figures come from looking at closing prices for homes during October, including distressed properties — houses that are either at risk of foreclosure or are lender-owned.

Frank_Nothaft_300x300-8e03ab

CoreLogic Chief Economist Frank Nothaft

Sign Up for the undefined Newsletter

“Many markets have experienced a low inventory of homes for sale along with strong buyer demand, which is sustaining upward pressure on home prices,” Frank Nothaft, CoreLogic’s chief economist, wrote in the report. “These conditions are likely to persist as we enter 2016.”

Miami-Dade saw double-digit price increases during the past two years as the region’s housing market raced to recovery.

Price appreciation began to slow this year, marking what some analysts call a stabilization of the market.

Nationally, home prices grew by 6.8 percent year-over-year in October.

“As we move forward, the rise in home prices will need to be better correlated to family income trends over time to avoid homes becoming unaffordable for many,” Anand Nallathambi, president and CEO of CoreLogic, said in the report. “This is especially true in several metropolitan areas where home prices have grown rapidly.” — Sean Stewart-Muniz

Tags
Corelogic