Real Estate News

Case-Shiller: Miami home prices up 10.3 percent in September

South Florida home prices rose 10.3 percent in September from a year earlier, according to S&P/Case-Shiller. That marked the biggest gain among 20 cities tracked by the closely watched index.
South Florida home prices rose 10.3 percent in September from a year earlier, according to S&P/Case-Shiller. That marked the biggest gain among 20 cities tracked by the closely watched index. AP

South Florida home prices jumped 10.3 percent in September from a year earlier, despite a broad slowdown nationally, according to S&P/Case-Shiller.

The metro Miami area, which includes Miami-Dade, Broward and Palm Beach counties, logged the biggest annual gain of any of the 20 metro markets tracked by the closely-monitored index.

Miami “continues to impress with another double-digit annual gain of 10.3 percent. It is the only city that currently has a year-over-year double digit gain,’’ said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

Compared with August, Miami area home prices ticked up 0.6 percent in September, S&P Dow Jones Indices said. That monthly gain, which was matched by Charlotte, was the biggest among 20 cities analyzed.

The S&P/Case-Shiller 10-city composite index rose 4.8 percent in September from a year earlier, marking a slower increase than August’s year-over-year gain of 5.6 percent. The 20-city composite index was up 4.9 percent year over year, again a slower increase than the annual gain of 5.6 percent in August.

The report said amid the broad slowdown in home prices, “The only region showing any sustained strength is the Southeast, led by Florida.”

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

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