According to the Case-Shiller home price index released today by Standard & Poor’s, home prices nationwide (for 20 key metro areas) are down a previously unheard of 12.7% in the 12 months ending February. That is a record for falling home prices. Miami and Las Vegas suffered the biggest losses, with Miami home prices declining 21.7% year over year.
According to David M. Blitzer of Standard and Poor’s, there is no bottom in sight. “Prices of single family homes continue to drop across the nation”, he said. The report further states that 17 of the 20 metro areas posted the largest declines recorded by the index, since it began tracking prices in 2000.
Although the report is frightening to say the least, and although the Miami real estate market has almost slowed to a halt, there does seem to be a light at the end of the tunnel, as evidenced by some of the sales that have been recently made in Miami. For example, in Miami Beach, 17 waterfront luxury homes sold at prices ranging from $2,350,000 to $10,000,000 in the first 3.5 months of this year.