Home prices in Miami continued their stellar performance in the latest Case-Shiller Home Price Index, increasing 3.2 percent from last year, according to Standard & Poor’s (S&P).
In addition, prices rose by 0.4 percent from March to April, and that came after a 0.9 percent increase from February to March.
Nationally, some of S&P’s most important findings were:
- Values increased for both the 10- and 20-City Composites by 1.3 percent.
- Those gains came after seven straight months of falling prices.
- On an annual basis, prices did still fall by 2.2 percent for the 10-City Composite and 1.9 percent for the 20-City Composite, but S&P noted in its report that those declines were less than its last report, when annual prices fell 2.9 and 2.6 percent for the composites.
David M. Blitzer, the chairman of the Index Committee at S&P Indices, said April’s index brought long-awaited increases in home prices.
“With April 2012 data, we finally saw some rising home prices,” Blitzer said. “On a monthly basis, 19 of the 20 MSAs and both Composites rose in April over March … In addition, 18 of the 20 MSAs and both Composites saw better annual rates of return. It has been a long time since we enjoyed such broadbased gains.”
Blitzer also noted that the seasonally-adjusted data for April was largely positive, “a possible sign that the increase in prices may be due to more than just the expected surge in spring sales.”