16 Percent Rise in Miami Home Prices Since February

image of house and moneyThe latest index made by Standard & Poor’s Case-Shiller states that the values of Miami Real Estate have accelerated by 16 percent in February. The numbers have been derived by using calculation and comparing home values of February last year to the same month of this year.

In a closely analyzed report, counties such as Miami-Dade, Broward, and Palm Beach has registered its year-over-year gains behind just five others among 20 major metropolitan markets. When 20-city composite is taken into consideration, prices of homes in the nation have increased by 12.9 percent in February from a year earlier.

It was reported that the Miami prices are slowing down as a 0.2 percent decrease in the price levels of South Florida was found from January to February.

S&P Case-Shiller indices show a 16.5 percent increase in home prices in the 12 months ended in January which clearly states that the percent decreased by 0.5 percent when 12-month index shifted from January to February.

David M. Blitzer, the Chairman of the Index Committee at Standard & Poor’s Case-Shiller Dow Jones indices, said, “The financial system of the country will have to pay more attention on consumer spending and business investment than housing in five years of recovery from recession”.

S&P Case-Shiller calculates the resale value of properties that have been sold twice or more. Moreover, it shows the accurate appreciation or depreciation in value of the property. However, there is a 2-month difference in the report compared to what market value show.