Miami home prices post modest gains
Miami home prices posted modest gains in May according to the latest Standard & Poor’s/Case Shiller Home Price Index.
After falling 0.8 percent in April, home prices in Miami ticked up 0.9 percent in May.
Year-over-year, home prices in Miami are up 1.2 percent.
Nationwide, the 10-city composite was up 5.4 percent, while the 20-city composite was up 4.6 percent from May 2009.
“While May’s report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, in a news release. “Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level.”
On Monday, the Commerce Department reported June sales of single-family homes rose 23.6 percent from May, though they were down 16.7 percent from a year earlier.
Last week, Florida Realtors reported sales of existing single-family homes in Florida were up 15 percent in June, to 18,038 from 15,732, marking the 22nd consecutive month that sales activity has increased.
The median price of an existing home in Florida last month was $143,400, that’s 2.1 percent higher than May’s statewide existing-home median price of $140,400, marking the fourth month in a row it has increased over the previous month’s median.
