HOUSING

Miami home prices jumped 14.5 percent in August from a year earlier, CoreLogic says

 

mbrannigan@MiamiHerald.com

Home prices in the greater Miami area, including distressed sales, increased 14.5 percent in August from a year earlier and were up 1.4 percent from July, according to CoreLogic, an Irvine, Calif.-based data firm.

Excluding distressed sales, which include short sales and lender-owned properties, prices in the metro area comprising Miami, Miami Beach and Kendall, increased by 17.6 percent in August from a year earlier and were up 2.3 percent from July, the firm said.

Florida home prices, including distressed sales, rose 12.7 percent in August from a year earlier. Excluding distressed sales, Florida home prices gained 13.5 percent in August from a year earlier, making the state number five in the nation in year-over-year gains behind No. 1 Nevada (up 23.4 percent year over year); No. 2 California, (up 19.8 percent); No. 3 Arizona (up 14 percent); and No. 4 Utah (up 13.7 percent), CoreLogic said.

Home prices nationwide, including distressed sales, jumped 12.4 percent in August from a year earlier and were up 0.9 percent from July, CoreLogic said.

“After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown,’’ Anand Nallathambi, president and CEO of CoreLogic said in a statement. “We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.’’

The five states with the biggest price declines from the peak of the boom to the present, including distressed transactions, were Nevada (down 41.9 percent), Florida (down 37.2 percent), Arizona (down 32 percent), Rhode Island (down 29.1 percent) and Michigan (down 25.7 percent), CoreLogic said.

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