While the housing market has cooled, Miami and Tampa continued to top other metro areas across the country in home-price increases in December when compared to a year earlier, according to a report released Tuesday.
The Miami area had a 15.9 percent year-over-year increase, while the Tampa area had a 13.9 percent increase, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The Atlanta area was the third-highest at 10.4 percent.
Miami had the highest increase for the fifth straight month. In a prepared statement, Craig J. Lazzara, Managing Director at S&P DJI, said home prices have weakened in recent months, a trend that could continue.
“The prospect of stable, or higher, interest rates means that mortgage financing remains a headwind for home prices, while economic weakness, including the possibility of a recession, may also constrain potential buyers,” Lazzara said. “Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”
The Magic City is still giving value to investors, despite the inverted yield curve and the slowing real estate markets in other cities.climbing
Ray Martin Easton CT, The Ray Martin Agency