S. Fla. Home Prices Up 14.2% Over Last Year
MIAMI (CBSMiami) – Home prices continued to jump in value in May, according to the latest numbers from the Standard & Poor's/Case-Shiller Home Price Indices.
Through May, U.S. home prices jumped 2.5 percent and 2.4 percent for the 10 and 20 city composite indexes versus the numbers in April.
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "Two cities set new highs, surpassing their pre-crisis levels and five cities – Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent, also a first time event."
All 20 cities the S&P/Case-Shiller indices measured showed positive gains from April to May, including Miami which had its biggest monthly gain since August 2005. The indices showed Miami home values in May jumped 14.2 percent from last year at the same.
While Miami's growth was good, it was dwarfed by other cities including Las Vegas, which saw values increase 23.3 percent and San Francisco, which had home values increase 24.5 percent over the last year.
"The overall report points to some shifts among various markets: Washington DC is no longer the standout leader and the eastern Sunbelt cities, Miami and Tampa, are lagging behind their western counterparts."
Overall, according to CBS4 news partner the Miami Herald, home values in South Florida are now down 41 percent from their peak values before the Great Recession.
