Miami home prices rose 5.4 percent in April, year-over-year, the 13th 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 0.6 percent from March to April. From February to March, Miami home prices increased by 0.3 percent. Miami ranked in March as the 11th highest increase among the top 20 cities.
Nationwide, home prices rose 5.5 percent in April, down from 5.6 percent the previous month. Seattle continued to show the greatest year-over-year gain, up 12.9 percent. Portland followed at 9.3 percent; Dallas at 8.4 percent; Denver at 8.2 percent; and Detroit at 7.4 percent.
In New York, home prices rose only 3.8 percent year-over-year, the third weakest pace among 20 major cities measured by Case-Shiller. Only Cleveland, at 3.4 percent, and Washington D.C. at 3.6 percent, showed lower gains. 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 release that rising prices across the country reflects that the supply of homes for sale “has barely kept pace with demand,” while the inventory of new or existing homes for sale has shrunken to a four-month supply.
In Miami-Dade, single-family home prices grew 10.7 percent in May to a median price of $325,000, up from $293,500 in May of last year, the Miami Association of Realtors reported last week. Prices of single-family homes in have been on the rise in Miami-Dade for 5.5 years.