Miami’s housing market continues to outperform the nation.
Home prices in the metro Miami area rose 9.5 percent in October from a year earlier, the biggest gain among 20 big cities tracked by the closely watched S&P Case-Shiller indices.
That far outpaced the S&P Case-Shiller national index, which gained 4.6 percent in October from a year earlier.
“There is no question Miami is a hot spot,” said Mike Pappas, president of Keyes Co., a major South Florida real estate brokerage. “South Florida is outperforming the market due to our desirability internationally. Our international influence has dramatically impacted our markets. That’s what’s driving it.”
Pappas added that since South Florida was particularly hard hit during the housing downturn it has had more room to rebound from its deep lows.
With the October gains, Miami-area home prices are at their highest levels since May 2008. Still, according to the index, the prices are 32 percent below the December 2006 peak.
Nationwide, home prices continued to slow, although eight metro areas showed prices rising faster, the data show.
San Francisco posted the second biggest year-over-year gain among the 20 cities, with home prices rising 9.1 percent in October.
“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.
Blitzer said Miami’s role as “the capital of Latin America” has helped fuel its recovery.
Prices for the metro Miami area, which includes Miami-Dade, Broward and Palm Beach counties, rose a seasonally adjusted 1.1 percent from September to October and were up 0.4 percent month to month on a non-seasonally adjusted basis, Case-Shiller reported.
While Miami-area prices are rising faster than those in other cities, the pace has slowed from last year’s double-digit gains.
The Case-Shiller indices track prices of single-family homes that have sold at least twice.