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9% growth projected by spring 2023 for Miami-area

Location
Miami
Publish Date
2022/04/19

Home prices in the Miami area ↑ 19.9% YoY in Feb, according to the latest CoreLogic Home Price Insights report.CoreLogic HPI reviews data from 400 U.S. markets to show price changes YoY and MoM, and it also makes projections about where pricing is headed.CoreLogic predicts price increases to slow significantly by next spring in most metro areas, with Miami-area home prices to ↑ 9.4% by February 2023.At the state level, Florida showed the largest price growth ↑ 29.1% YoY followed closely by Arizona at 28.6%, and Nevada third at 25.8%. Nationally, home prices ↑ 20% YoY in February, making it the 12th consecutive month showing double-digit percentage growth. Higher prices and mortgage rates erode buyer affordability and should dampen demand in the coming months, leading to the moderation in price growth.

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