Miami's Home Price Index Hits Lowest Level Since Peak
The nation may be slowly moving out of recession, but Miami's real estate market may not be out of the woods yet. Standard & Poor's Case-Shiller Home Price Indices track national housing prices, as well as sales in twenty different metro areas. New numbers released today show that Miami's index, which includes the entire tri-county South Florida area, has hit an all time low. Lower even then when the market burst in 2009.
This chart from Business Insider show's the progress of Miami's price index over the last decade.
Notice the pronounced increase over the composite-20 index which peaked in 2006 and illustrates Miami's housing bubble. For the first time in almost a decade, Miami's index is below the composite-20 index.
Miami has seen a negative 3.7 percent change in the index in the past year, which is only slightly better than the national decrease of 4.1 percent. In all, basically the data means that Miami's average home price is now lower than what it was during the spring of 2009 and doesn't seem to be getting better anytime soon.