The Real Deal Miami

Miami home prices up 6.8% in December, sixth highest rise nationwide: S&P CoreLogic Case-Shiller

Year-over-year gain tops the 6.1% and 6.5% registered in November and October, respectively
By Ina Cordle | February 28, 2017 12:45PM

Aerial view of Miami’s Little Havana, Miami River, Coral Gables and Coconut Grove neighborhoods

Miami home prices rose 6.8 percent in December, year-over-year, marking the sixth highest increase in the nation, according to the latest S&P CoreLogic Case-Shiller Index.

The newly released report, which tracks 20 major metropolitan areas in the country, shows Miami prices rose 0.3 percent from November to December. That’s lower than the 0.5 percent increase registered from October to December.

Yet the latest year-over-year figure tops the 6.1 percent increase from November 2016 as well as the 6.5 percent bump in prices S&P CoreLogic Case-Shiller reported in October 2016.

Nationwide, home prices continued to soar in December, with Seattle showing the greatest year-over-year gain of 10.8 percent. Portland followed at 10 percent; Denver at 8.9 percent; Tampa, 8.4 percent; and Dallas, up 8.1 percent. Home prices rose 5.8 percent on average nationwide, setting a 30-month high, the report shows.

S&P CoreLogic Case-Shiller attributed the rising prices to a combination of reduced inventory and low mortgage rates.

Miami home prices have been climbing for more than five consecutive years, according to the latest figures from the Miami Association of Realtors. December marked 61 consecutive months of increasing prices for single-family homes, while condo prices have risen in 65 of the last 67 months. Prices of single-family homes in Miami-Dade County increased by 9.5 percent year-over-year in December, from an average of $278,500 to $305,000. Condo prices also rose by 1.3 percent year-over-year, from $207,400 to $210,000, according to the Realtors’ report.