Case-Shiller: Miami area home prices up 16.5 percent in December

Home prices in the Miami area rose 16.5 percent in December 2013 from a year earlier, according to the Case-Shiller index.

The Case-Shiller Miami index covers Miami-Dade, Broward and Palm Beach counties.

Nationwide home prices were up 11.3% for the year 2013, according to the S&P/Case-Shiller index.

The closely watched indices use resales of properties that have sold at least twice, in a bid to show accurate increases and decreases in value.

The S&P/Case-Shiller index reports lags the market by two months. Experts widely expect price gains to moderate in 2014.