Miami home prices increase 5.3% in May, year-over-year, lagging national average: S&P CoreLogic Case-Shiller

Miami showed the fifth smallest increase among the 20 top markets, followed by New York, Cleveland, Washington, D.C. and Chicago

Miami /
Jul.July 25, 2017 02:45 PM

Miami home prices rose 5.3 percent in May, year-over-year, dropping to the fifth lowest 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 0.8 percent from April to May. From March to April, Miami home prices increased by 0.6 percent, ranking as the 13th highest increase among the top 20 cities.

Nationwide, home prices rose 5.6 percent in May, year-over-year, up from 5.5 percent the previous month. Seattle continued to show the greatest year-over-year gain, up 13.3 percent. Portland followed at 8.9 percent; Denver at 7.9 percent; Dallas at 7.8 percent; and Detroit at 7.6 percent.

In New York, home prices rose only 4 percent in May year-over-year, the fourth weakest pace among 20 major cities measured by Case-Shiller. Only Washington D.C. and Cleveland, at 3.6 percent, each, and Chicago at 3.3 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 5.6 percent in Los Angeles.

David Blitzer of S&P Dow Jones’ index committee said in a release that housing is not repeating the bubble years of 2000 to 2006. Price increases are varying across the nation, unlike the earlier period when rising prices were nearly universal. At the same time, the number of homes sold annually is 20 percent less than in that era, and the supply of homes for sale has shrunken to a four-month supply.

According to a Miami Association of Realtors report released on Monday, the median price of a single-family home in Miami-Dade rose 6.3 percent in June, year-over-year, to $335,000. Condo prices were up 6.8 percent to $235,000.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
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
arrow_forward_ios

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

Loading...