Markets & Economy

FNC Index: Miami home prices climbing fast annually

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Released February 16, the FNC Residential Price Index reported that home prices in December posted a modest monthly increase at the close of the year.

Nationwide, home prices in December 2015 represented a 0.4 percent uptick from the seasonally adjusted rate in November and a 6.2 percent increase on an annual basis.

unnamed (1)National home prices increased 6 percent annually in the fourth quarter of 2015.

“Riding on a robust pace of home sales and new housing starts, home prices in 2015 finished strong with year-over-year growth at a 15-month high since October 2014. If judging on a seasonal basis, December’s month-over-month increase outpaced the same period of the past three years,” said Yanling Mayer, FNC’s housing economist and director of research, in a statement.

 

unnamedSome surprising metros saw the highest month-over-month gains.

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  • Baltimore, increase of 2.6 percent
  • St. Louis, increase of 2.6 percent
  • Las Vegas, increase of 2.1 percent
  • Portland, increase of 2 percent
  • Houston, increase of 1.7 percent

In December 2015, some cities posted year-over-year gains in the double digits:

  • Portland, increase of 14.2 percent
  • Denver, increase of 13 percent
  • San Francisco, increase of 12.6 percent
  • Las Vegas, increase of 11.9 percent
  • Miami, increase of 11.5 percent
  • Sacramento, increase of 11.5 percent
  • Phoenix, increase of 11.2 percent
  • Cincinnati, increase of 10.1 percent

In Miami, home prices increased 0.9 percent on a monthly basis in December 2015. Annually, Miami prices rose 11.5 percent. 

Despite the relatively large number of foreclosures in Florida, home prices continue to make positive gains.