According to the latest Standard & Poor’s/Case Shiller Home Price Index, prices for homes in Miami prices posted moderate gains in May. Prices for homes in Miami increased 0.9 percent in May after falling 0.8 percent in April. Prices of Miami homes are up 1.2 percent year-over-year.
The 10-city composite was up 5.4 percent nationwide while the 20-city composite was up 4.6 percent from May 2009. David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, in a news release, “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. Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level.”
The Commerce Department reported on Monday that sales of single-family homes in June rose 23.6 percent from May, though they were down 16.7 percent from a year earlier.
Florida Realtors reported last week that sales of existing single-family homes in Miami were up 15 percent in June, to 18,038 from 15,732. This makes the 22nd month in a row that sales activity has increased.
Last month the median price of an existing home in Florida was $143,400, 2.1 percent higher than May’s statewide existing-home median price of $140,400. This marks the fourth month in a row the median price has increased over the previous month’s median.
Call MLR Realty at: 1-305-673-3303 to get a consultation with a Realtor that specializes in residential Miami real estate including homes in Miami for sale and for lease.
Contributed by Miami Luxury Villas
