May was a great month for home prices in Miami, with the Magic City outpacing the nation.
May was a good month nationally and locally for home prices, as the latest FNC Residential Price Index showed the housing recovery affecting the various metropolitan areas in the U.S. differently.
Though home prices rose 0.5 percent from April to May and 4.0 percent year-over-year on the national stage, in Miami they performed even better, rising 0.4 percent monthly and 6.5 percent yearly. Year-to-date, prices in Miami are up 1.5 percent.
And again, on the national stage, things continued to improve. Distressed home sales made up just 13.9 percent of total home sales in May (down from nearly 20 percent a year ago), and home prices have averaged 0.4 percent increases in the last six months.
Interested in how Miami’s home price woes compare with the rest of the nation? Check out our infographic below: