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.
“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