Miami home prices rose 5.3 percent in May, year-over-year, dropping to the fifth lowest increase nationwide, according to the latest S&P CoreLogic Case-Shiller Index.
The newly released report, which tracks 20 major metropolitan areas in the country, shows home prices in Miami increased by 0.8 percent from April to May. From March to April, Miami home prices increased by 0.6 percent, ranking as the 13th highest increase among the top 20 cities.
Nationwide, home prices rose 5.6 percent in May, year-over-year, up from 5.5 percent the previous month. Seattle continued to show the greatest year-over-year gain, up 13.3 percent. Portland followed at 8.9 percent; Denver at 7.9 percent; Dallas at 7.8 percent; and Detroit at 7.6 percent.
In New York, home prices rose only 4 percent in May year-over-year, the fourth weakest pace among 20 major cities measured by Case-Shiller. Only Washington D.C. and Cleveland, at 3.6 percent, each, and Chicago at 3.3 percent, showed lower gains. The index does not include condos and co-ops, meaning it only captures a share of the New York market and serves as more of a bellwether of the suburban market. Prices grew by 5.6 percent in Los Angeles.
David Blitzer of S&P Dow Jones’ index committee said in a release that housing is not repeating the bubble years of 2000 to 2006. Price increases are varying across the nation, unlike the earlier period when rising prices were nearly universal. At the same time, the number of homes sold annually is 20 percent less than in that era, and the supply of homes for sale has shrunken to a four-month supply.
According to a Miami Association of Realtors report released on Monday, the median price of a single-family home in Miami-Dade rose 6.3 percent in June, year-over-year, to $335,000. Condo prices were up 6.8 percent to $235,000.