Home values are stabilizing nationwide, and Miami is the most prominent example.
Home values nationwide have began to stabilize in S&P’s latest Case-Shiller Home Price Indices, and the market in Miami is leading the charge to recovery.
From February to March, prices rose 0.9 percent in Miami, while nationally, prices were unchanged. From last year, Miami prices are up 2.5 percent, but nationally, the 10- and 20-City Composite for the Case-Shiller fell 2.8 and 2.6 percent.
Some other details from S&P’s report:
- For Chicago, Atlanta, Las Vegas, New York and Portland, average home prices hit new post-bubble lows.
- According to David M. Blitzer, the chairman of the Index Committee at S&P Indices, the Case-Shiller National Composite fell 2.0 percent in 2012’s first quarter, and is down 35.1 percent from its 2006 Q2 peak.
- In addition to Miami, Dallas, Denver and four other cities posted positive annual returns, and 17 of the 20 cities saw improvement.
- Twelve cities also saw values increase from February to March, with Miami leading the way.
“After close to six consecutive months of price declines across most cities, this is relatively good news,” Blitzer said. “We just need to see it happen in more of the cities and for many months in a row. Since we are entering a seasonal buying period, it becomes very important to look at both monthly and annual rates of change in home prices in order to understand the broader trend going forward.”