Miami home prices increase 5% in June, year-over-year, lagging national average: S&P CoreLogic Case-Shiller
Tuesday Aug 29th, 2017
Miami home prices rose 5 percent in June, year-over-year, marking 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 just 0.4 percent from May to June. From April to May, Miami home prices increased by 0.8 percent, ranking as the 13th highest increase among the top 20 cities.
Nationwide, home prices rose 5.7 percent in June, year-over-year, on par with the increase of the previous month. Seattle continued to show the greatest year-over-year gain, up 13.4 percent. Portland followed at 8.2 percent; Dallas at 7.7 percent; and Denver and Detroit, each at 7.6 percent.
In New York, home prices rose only 3.9 percent in June year-over-year, the fourth weakest pace among 20 major cities measured by Case-Shiller. Only Cleveland at 2.9 percent, Washington D.C. at 3.1 percent and Chicago at 3.2 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 statement that price increases nationwide are being buoyed by a tight housing market. The supply of existing homes for sale is at just 4.2 months, and housing starts remain below their pre-financial crisis peak. Given current economic conditions and the tight market, an immediate reversal of the rising home price trend is unlikely, he said.
According to a Miami Association of Realtors report released last week, July marked the 68th consecutive month that single-family home prices have risen in Miami-Dade County. The median price of a single-family home in Miami-Dade rose 12 percent in July, year-over-year, to 335,000. Condo prices stagnated at $225,000.