Despite reports pointing at a housing market slowdown, a new report shows home prices in Miami-Dade County grew again in February.
The county saw an 8.7 percent appreciation in price year-over-year in February, according to the report from financial research company CoreLogic. Prices also rose by 2.1 percent from January to February.
Across the board, Miami-Dade’s housing market has become increasingly more expensive over the past year, despite a large amount of inventory and slower sales in recent months.
Those ever-growing price tags have led several research firms to declare Miami one of the nation’s least affordable places to live, especially for renters.
Nationally, prices rose by 6.8 percent year-over-year in February.
“Home prices continue to rise across the U.S. with every state posting year-over-year gains during the last 12 months,” Anand Nallathambi, president and CEO of CoreLogic, wrote in the report. “Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000.” — Sean Stewart-Muniz