Miami home price rose 13.2 percent in May, S&P/Case-Shiller reports
07/29/2014 9:29 AM
07/29/2014 3:37 PM
Miami area home prices rose 13.2 percent in May from a year earlier, according to S&P/Case-Shiller data.
Home prices rose 1.2 percent from April to May, according to the Case-Shiller Miami index, which spans Miami-Dade, Broward and Palm Beach counties. That was a bit stronger than the 1.1 percent gain posted from March to April.
Miami’s year-over-year price gains, while still strong, have been slowing. In February, for instance, home prices rose 16 percent from a year earlier.
Still, Miami’s housing picture is outpacing U.S. home price gains.
“Home prices rose at their slowest pace since February of last year,” David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
The Case-Shiller 10-City Composite Index gained 9.4% year-over-year and its 20-City Composite rose 9.3%.
That is “down significantly from the 10.9 percent and 10.8 percent gains reported last month. All cities with the exception of Charlotte and Tampa saw their annual rates decelerate,” the report said.
The closely watched indices track resales of properties that have sold at least twice, with the aim of showing accurate increases and decreases in value.
The S&P/Case-Shiller index reports lags the market by two months.
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