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Miami, Florida – Inflation hit home prices in Florida the hardest according to a new S & P Dow Jones Indices report today. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which includes all nine U.S. census divisions, showed a 20.4 percent annual gain in April, down from 20.6 percent the month before. The annual increase for the 10-City Composite was 19.7 percent, which was up from 19.5 percent the month before. The 20-City Composite had a gain of 21.2 percent from one year to the next, which was up from 21.1 percent the month before.
Top 3 Areas Where Home Prices Are Seeing The Highest Increases
In April, Tampa, Miami, and Phoenix had the most growth from one year to the next out of the 20 cities. Tampa’s prices went up by 35.8 percent from one year to the next. Miami’s prices went up by 33.3 percent, and Phoenix’s prices went up by 31.3 percent. In nine of the 20 cities, prices went up more in the year that ended in April 2022 than in the year that ended in March 2022.
Troubling times that could hit property holders hard in Florida. Recent catastrophes from decades of neglect throughout the State of Florida are adding to inflation.
HOA and other shared fees for condominium owners has skyrocketed as well as insurance premiums. Some condo owners are seeing fees of over $1,000.00 a month. The fees for example add approximately an additional $1,000.00 or more to a $2,500.00 a month payment. These fees used mostly for property management or maintenance in most cases never got to where it should of. Years of neglect for new property structural evaluations and repairs needed to keep buildings structurally sound. Insurance companies are also taking note. Losses and risks are increasing for providers in an already hurricane and natural disaster zone will continue to rise. Buyers need to use extreme caution when making investment and purchases. Inflation and depression risk for Florida properties remains elevated and will remain so for the remainder of the year. Older homes, condominiums and apartments are more at risk due to the known average incomes of purchasers and renters.
cover by Mariakray