By MIAMI REALTORS® Chief Economist Gay Cororaton
Miami Metro Area single-family home prices rose at the fastest pace in the U.S. in September 2022, according to the S&P CoreLogic Case-Shiller Index released Tuesday, Nov. 29.
Miami Metro single-family home prices based on repeat sale transactions over the 3-month period of July-September 2022 rose 24.6%. Nationally, the index rose just 10.6%.
The robust pace of price appreciation in the Miami metro area is riding on the back of strong employment growth in the area. In October, total non-farm employment increased 5.7% year-over-year, outpacing the 3.6% gain nationally.
Falling mortgage rates should continue to lead to a firming up of the housing market and home prices.
The strong price appreciation speaks of the resiliency and strength of the Miami metro area housing market. The recent decline in mortgage rates is expected to bolster housing demand and prices even more. This means that more housing construction is needed to improve home affordability in the Miami market, particularly in Miami Dade County where a family typically now needs $130,000 to afford a home.
Fastest Home Price Appreciation Among Major U.S. Markets in September 2022: Following Miami were Tampa (23.78%), Charlotte (17.83%), Atlanta (17.12%), and Dallas (16.27%).
About the S&P CoreLogic Case Shiller Index
The S&P CoreLogic Case-Shiller Indices measure the change in the value of the U.S. residential housing market by tracking the purchase prices of single-family homes but do not cover newly constructed houses, condominiums, and co-ops.
There is a two-month time lag in the data reported, so a report issued in May, includes sales through March. All prices are compared to their prices one year before, however, comparisons are shown for one month ago, three months ago, and year-to-date.
