S&P/Case Shiller Authenticates Miami Home Prices Growth
Chris Leavitt, broker at Douglas Eliman, in an interview for Bloomberg stated that Miami Luxury Real Estate is sold at 50% Discount to NYC. However, the quality of the real estate properties is quite similar especially in the context of the arrival of many demanding international buyers.
No wonder that South Florida once again ranked among the highest metropolitan areas for rising home prices, according to the S&P/Case Shiller Home Price Indices released Tuesday.
In February, the Miami area’s ranking was up 9.2 percent, year-over-year, and up 0.6 percent from January. The Miami metropolitan area came in third for the highest increase, after Denver and San Francisco, which reported the largest year-over-year gains, up 10 percent and 9.8 percent, respectively. Nationwide, an S&P/Case-Shiller 20-city composite showed a 5 percent gain, year-over-year.
“Home prices continue to rise and outpace both inflation and wage gains,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a statement. “The S&P/Case-Shiller National Index has seen 34 consecutive months with positive year-over-year gains; all 20 cities have shown year-over-year gains every month since the end of 2012.” * The Real Deal
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