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Home Prices Up in May for SoFl Counties

May home pricing up in each of South Florida's counties

Date: Monday, July 2, 2012, 12:40pm EDT

May home pricing is up in each of South Florida's counties.

May home pricing is up in each of South Florida's counties.

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Reporter- South Florida Business Journal
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Home pricing in South Florida was up in May and April on a year-over-year basis in each of the region’s three counties, according to a new report.

Miami-Dade led the way with a 9.7 percent increase in home prices, including distressed sales, in May 2012 compared to a year ago, and rose by 11.1 percent in April 2012 compared to 12 months prior, according to CoreLogic .

Excluding distressed sales, Miami-Dade recorded an increase of 7 percent in May 2012 compared to 12 months prior, and rose 6.3 percent in April 2012 compared to a year ago.

In Broward, home prices including distressed sales, grew by the same 6.1 percent in both May and April 2012, compared to the year prior.

When distressed sales were excluded, year-over-year home prices in Broward increased 1.8 percent in May 2012 and by 1.6 percent in April 2012.

Palm Beach County recorded an increase of 2.5 percent on home prices, including distressed sales, in May 2012 compared to the same time last year, and grew 1.5 percent in April 2012 on a year-over-year basis.

Excluding distressed sales, home prices grew by 1 percent in May 2012 compared to 12 months prior and shrank by .6 percent in April 2012 compared to a year ago.

South Florida’s home pricing is up like that of the rest of the country, which had a year-over-year increase of 2 percent in May.

Corelogic also reported recently that foreclosure rates were down in each of South Florida’s counties, with Miami-Dade reporting the largest percentage point decrease. Although there was a decrease, each of South Florida’s counties is still recording a higher foreclosure rate than the country as a whole.

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