Miami, Tampa Atop Home Price Increases

Miami and Tampa continued to top other metro areas in home-price increases in November when compared to a year earlier, according to an analysis released Tuesday.

The Miami area had an 18.4 percent year-over-year increase, while the Tampa area had a 16.9 percent increase, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

The Atlanta area was the third-highest at 12.7 percent.

Miami and Tampa also had the largest year-over-year increases in October, while Charlotte was third in October.

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The report, however, reflected a weakening in home prices, with all 20 metro areas measured showing month-over-month decreases from October.

“As the Federal Reserve moves interest rates higher, mortgage financing continues to be a headwind for home prices,” Craig J. Lazzara, Managing Director at S&P DJI, said in a prepared statement. “Economic weakness, including the possibility of a recession, would also constrain potential buyers. Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”

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