According to a new report from CoreLogic, prices in Miami-Dade County grew by 7.7 percent in September compared to a year ago. The figures are complied from home sales during the month, including distressed properties, or homes that are at risk of foreclosure. Statewide, prices grew by 7.8 percent year-over-year during September while nationwide, price growth was 6.4 percent.
“The continued growth in home prices is welcome news for many homeowners but more markets are becoming overvalued. In the near term, this trend is likely to continue and pose evaluated risks to the housing economy,” Anand Nallathambi, president and CEO of CoreLogic, wrote in the report. “More has to be done to expand inventories if we are going to address the emerging affordability crisis, especially in hot markets like California and Colorado.”
