The S&P Case-Shiller Home Price Indices for November 2015 was released January 26 finding that home prices continued to increase over the last 12 months.
On a national basis, the year-over-year gain was reported at 5.3 percent, just slightly higher than the October increase.
“Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
“Sales of existing homes were up 6.5 percent in 2015 vs. 2014, and the number of homes on the market averaged about a 4.8 months’ supply during the year; both numbers suggest a seller’s market.”
In November 2015, the Miami Home Price Index was reported at 206.68. On a month-over-month basis, the Home Price Index increased by 0.8 percent. This is an improvement compared with the September to October change, which was an uptick of 0.6 percent.
On an annual basis, the Miami index increased by 8.1 percent, significantly lower than the rest of the nation.