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May 7, 2013

Miami area home prices up 8.6 percent in March from year earlier

Miami area home prices recorded an 8.6 percent gain in March from a year earlier, according to CoreLogic. Excluding distressed sales, greater Miami prices were up 15.6 percent year over year.

Home prices in the greater Miami area rose 8.6 percent in March 2013 from a year earlier, according to CoreLogic, an Irvine, Calif.-based data firm.

Excluding distressed sales, home prices jumped 15.6 percent year over year in the metro area including Miami, Miami Beach and Kendall.

Miami area home prices, including distressed sales, increased by 0.3 percent in March from February. Excluding distressed sales, comprising short sales and bank-owned properties, Miami area prices were up 2.8 percent month over month, CoreLogic said.

Nationwide home prices rose 10.5 percent in March from a year earlier, with western states like California, Arizona, Idaho and Oregon chalking up dramatic gains. The March results marked the biggest nationwide year-over-year increase since March 2006 and the thirteenth consecutive monthly increase. Home prices nationwide rose 1.9 percent in March from February, the firm said.

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