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Sunday, October 2, 2022

Tampa, Miami top the nation in price increases over past year


  • Two Florida real estate markets lead the nation in price increases
  • Tampa homeowners saw a 35 percent home price increase between June 2021 and June 2022
  • Miami homeowners trailed just behind with an increase in home value of 33 percent
  • Recent months have brought a slowdown in price increases, but so far, prices are still going up 

Tampa and Miami have continued to top other metro areas across the country in home-price increases, according to an analysis released Tuesday. The Tampa area had a 35 percent price increase in June when compared to a year earlier, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

Tampa was followed by the Miami area at 33 percent and Dallas at 28.2 percent. Tampa and Miami also led other metro areas in April and May. They were the only areas of Florida included in the 20-market analysis.

Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in a prepared statement that price increases have slowed in recent months. But he added that it is “important to bear in mind that deceleration and decline are two entirely different things, and that prices are still rising at a robust clip.”

The analysis said prices remained strongest in the South and Southeast. “We’ve noted previously that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that continued as our June data were gathered,” Lazzara said. “As the macroeconomic environment continues to be challenging, home prices may well continue to decelerate.”

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