Posted on Tuesday, January 4, 2011
Miami was one of six markets to hit their lowest levels since home prices began dropping in 2006 and 2007, according to the S&P Case-Shiller home-price indexes.
Between September and October, Miami home prices fell 1.1 percent and were down 3.4 percent for the year.
"The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October's report. Home prices across the country continue to fall," said David M. Blitzer, chairman of Standard & Poor’s Index Committee, in a news release.
The leading measure of U.S. home prices reported year-to-year increases in four cities – Los Angeles, San Diego, San Francisco and Washington.
October was the fifth consecutive month in which the annual growth rates moderated from their prior month's pace, confirming a clear deceleration in home price returns, according to the index.
“On a year-over-year basis, sales are down more than 25 percent and the months' supply of unsold homes is about 50 percent above where it was during the same months of last year,” Blitzer said.
Those deep discounts are what helped sell homes in Miami, according to a new report from CondoVultures.com.
Nearly 75,000 single-family homes, condos, and townhouses – an average of 6,250 a month – have resold, improved from the 67,600 transactions – 5,600 a month – in 2006 in Miami-Dade, Broward, and Palm Beach counties, according to the report.
South Florida Business Journal