REAL ESTATE

Miami home prices up 10 percent in February from year earlier

 

mbrannigan@MiamiHerald.com

Home prices in the greater Miami area rose 10 percent in February from a year earlier, according to CoreLogic.

The Irvine, Calif.-based real-estate data firm said home prices in the area including Miami, Miami Beach and Kendall ticked up 0.5 percent in February from January, mirroring nationwide results.

Excluding distressed sales, Miami prices rose even more: Non-distressed home prices in February rose 15.4 percent year over year and were up 3.8 percent from January, the firm said.

Nationwide home prices rose 10.2 percent in February from a year earlier, marking the biggest year-over-year increase since March 2006 and the twelfth consecutive monthly increase, CoreLogic said.

February home prices in Florida were down 43.3 percent from their pre-crash peaks, placing the state second only to Nevada, where prices were still off 50.8 percent from their bubbly heights. Michigan ranked third in peak-to-current price decline, with a 39 percent loss in value; Arizona was No. 4, with 38.5 percent drop; and Rhode Island was fifth, with 36.4 percent decline, CoreLogic said.

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