Miami area real estate values up 11 percent in 2012

(Courtesy of The Miami Herald)
by Martha Brannigan

Single-family home prices in the Greater Miami area rose 11.2 percent in January from a year earlier, while home prices across Florida rose 9.7 percent year over year, according to CoreLogic.

Prices were up 1 percent in January from December in the Miami-Miami Beach-Kendall area, the Irvine, Calif.-based real estate data firm said. Excluding distressed sales, Miami home prices rose 13.2 percent year over year and jumped 3.7 percent in January from December, CoreLogic said.

U.S. home prices rose 9.7 percent in January from a year earlier, the biggest increase since 2006, the firm reported. The best-performing area of the country was Phoenix, where prices of single-family homes, including foreclosure sales, were up 22.7 percent.

The January price increase was the 11th straight and the largest year-over-year increase since April 2006, before the housing market crashed.

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