Miami-Dade home prices flat from November to December: report

Miami /
Feb.February 02, 2016 12:45 PM

Miami-Dade County’s housing market’s prices flattened from November to December, although the year closed with another month of rising property prices, year-over-year.

The cost of a home in December was 6.8 percent more expensive when compared to the same month in 2014, according to a new report from CoreLogic.

That increase reflects a national trend of property prices still rising out of the U.S. housing market crash in the first decade of the 2000s. Home prices across the country were up 6.3 percent year-over-year in December, though price growth is beginning to level out.

From November to December, the cost of a home in the U.S. rose by less than 1 percent.

And in Miami-Dade, the price meter didn’t move at all.

Recent reports have pointed toward the slowing of an overheated market in Miami, which saw double-digit explosions of housing prices during 2013 and 2014.

Some of the factors causing that slowdown include: thinning pools of foreign buyers whose currencies are weak against the U.S. dollar, and fewer distressed properties bringing down the number of home sales.

“Higher property valuations appear to be driving up single-family construction as we head into the spring. Additional housing stock, especially in urban centers on the coasts such as San Francisco, could help to temper home price growth in the longer term,” Anand Nallathambi, president and CEO of CoreLogic, wrote in the report. “In the short and medium term, local markets with strong employment growth are likely to experience a continued rise in home sales and price growth well above the U.S. average.” — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya
Nuveen pays $103M for West Palm luxury apartments
Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)
Billionaire TV family sells Miramar property to Florida Crystals
Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential
Florida Crystals sells Margate rentals for $60M
Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso
Diesel family dishes on Wynwood condo project
Diesel family dishes on Wynwood condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...