Real Estate News

S&P/Case-Shiller: Miami home prices rose 10.5 percent in August

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Miami home prices rose 10.5 percent in August from a year earlier, marking the biggest annual gain among 20 cities tracked by S&P/Case-Shiller.

While Miami is leading the pack in price gains, the pace has slowed there as well. In February, for instance, home prices in Miami had spiked 16 percent year over year.

Home prices rose 0.3 percent from July to August in the three counties of Miami-Dade, Broward and Palm Beach that comprise the Miami index. That was slower than the 0.8 percent increase logged between June and July.

The 10-city composite index rose 5.5 percent year over year and the 20-city composite index was up 5.6 percent. The broad national index was up 5.1 percent year over year.

“The deceleration in home prices continues,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. “Despite the weaker year-over-year numbers, home prices are still showing an overall increase, as the national index increased for its eighth consecutive month.”

The S&P/Case-Shiller index tracks resales of single-family homes that have sold at least twice.