MIAMI STILL HAS ROOM TO GROW
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.”
Ray Martin Easton, CT www.theraymartinagency.com