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Hope your New Year’s Resolution isn’t to buy a new house, because residential property prices have surged higher here in Miami than in any other major market in the country according to the latest data from the S&P/Case-Shiller Home Price Indices.
Between October 2013 and October 2014, average prices here appreciated by 9.5 percent. Only San Francisco, which continues to get infused with tech money, came close with a 9.1 percent appreciation.
Meanwhile, the index’s 20-city composite saw an average rise of 4.5 percent year-over-year, or less than half of Miami’s levels.
That’s, of course, thanks to Miami’s current real estate boom, and because Miami home prices had fallen so far in the recession.
Home prices here hit a peak in December 2006 before starting to take a serious dive in 2007 and bottoming out in March 2011.
Keep in mind that this index does not include either condo units or new construction, but rather single family homes that have been sold at least twice.
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