The Real Deal Miami

Miami home prices up 6% in March, year-over-year: S&P CoreLogic Case-Shiller

Home prices in Miami increased 0.3% from February to March
May 30, 2017 02:30PM

Aerial view of Coconut Grove in 2012 (Credit: Oliver H.)

Miami home prices rose 6 percent in March, year-over-year, marking the 11th highest increase nationwide, according to the latest S&P CoreLogic Case-Shiller Index.

The newly released report, which tracks 20 major metropolitan areas in the country, shows home prices in Miami increased by 0.3 percent from February to March. From January to February, Miami home prices remained flat.

U.S. home prices rose 5.8 percent in March, setting a 33-month high. Seattle, Portland and Dallas reported the highest annual gains in the country, with prices in Seattle increasing 12.3 percent year-over-year. Denver, Boston and Detroit all saw prices increase by at least 7 percent in March.

In New York, home prices rose only 4.1 percent year-over-year, the weakest pace among 20 major cities measured by Case-Shiller. The index does not include condos and co-ops, meaning it only captures a share of the New York market and serves as more of a bellwether of the suburban market. Prices grew by 5.3 percent in Los Angeles.

David Blitzer of S&P Dow Jones’ index committee said in a press release that the “unusually low inventory of homes for sale” is one factor pushing prices higher. Increasing mortgage rates could also keep homeowners from selling, he said.

In Miami, the median sales price of single-family homes has been rising for 65 consecutive months, the Miami Association of Realtors reported last week. In April, the median sales price for single-family homes was up 12.3 percent year to $320,000. – Katherine Kallergis