South Florida home prices up 0.4 percent

Standard & Poor's Case-Shiller 20-city housing index released Tuesday showed South Florida home prices increased in June, the second month of rising prices after a steady decline between last September and May.

Home prices in Miami-Dade, Broward and Palm Beach counties increased 0.4 percent from May to June. Compared to the same month last year, South Florida home prices were up 1.1 percent in June, following May's year-over-year increase of 1.2 percent.

The index, which tracks repeat sales of existing homes and does not include condos, showed average home prices across the United States are back to the levels they were at in autumn 2003.

The national index rose by 1 percent between May and June, with 17 of the 20 cities showing month-over-month price increases. Nationally, prices were up 4.4 percent in the second quarter compared to the same three-month period in 2009.

By TOLUSE OLORUNNIPA; Miami Herald

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