Home prices increase in Miami

A home for sale in Bal Harbour

Home prices in the Miami metro area, including distressed sales, increased by 0.3 percent in December compared to the same period in 2010, according to a report from CoreLogic. Excluding distressed sales, year-over-year prices jumped by 6.6 percent in December in Miami, and increased by 5 percent compared to the previous month. Nationally, home prices decreased by 4.7 percent year-over-year in December, the fifth consecutive year with a national decrease in the Home Price Index. “Until distressed sales in the market recede, we will see continued downward pressure on prices,” said Mark Fleming, chief economist for CoreLogic. — Alexander Britell