Miami Takes Top Spot For Real Estate Prices

Miami, which has experienced a huge population influx over the last several decades, is the major American metro where prices have risen the most since the turn of the century. The data came from the February edition of the S&P CoreLogic Case-Shiller Indices.

Another Opinion –Miami And Tampa Overvalued

So far in 2024, the national residential property market, which moved down in 2023 due to high mortgage rates, has recovered. It rose 6.4% in February compared to a year ago. “Following last year’s decline, U.S. home prices are at or near all-time highs,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices commented,

Case-Shiller began measuring real estate prices in January 2000. Each of America’s 20 largest cities was given an index of 100 at that point so Case-Shiller could track how prices moved over time compared to one another with data it posts each month.

The national index for February compared to January 2000 was 312.18.

Miami’s Price Surge

Miami had the highest index in February, at 429.16. It was followed by San Diego at 428.26 and Los Angeles at 426.16.

The city with the lowest index is Detroit at 179.90

Population growth is likely the major cause of rising real estate prices in Miami. Its population in 2000, according to the Census, was 362,470. It is now just below 450,000.

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