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Home Prices Continue to Rise, But Slower

Miami Takes Top Spot While Vero Beach, FL Still Has Plenty Of Opportunities.

As the real estate market evolves, it’s essential to stay informed on the latest trends and insights. According to the S&P CoreLogic Case-Shiller Indices for January 2023, the U.S. housing market continues to show growth, but the rate of growth is slowing. The index, which covers nine U.S. census divisions, reported a 3.8% annual price gain in January, down from 5.6% in the previous month. The 10-City Composite annual increase came in at 2.5%, down from 4.4% in the previous month. The 20-City Composite posted a 2.5% year-over-year gain, down from 4.6% the previous month.

Miami, Tampa, and Atlanta reported the highest year-over-year gains among the 20 cities in January. Miami led the way with a 13.8% year-over-year price increase, followed by Tampa in second with a 10.5% increase, and Atlanta ranked third with an 8.4% increase.

Before seasonal adjustment, the U.S. National Index posted a 0.5% month-over-month decrease in January, while the 10-City and 20-City Composites posted decreases of 0.5% and 0.6%, respectively. After seasonal adjustment, the U.S. National Index posted a month-over-month decrease of 0.2%, while both the 10-City and 20-City Composites posted decreases of 0.4%.

It’s interesting to note that some West Coast cities, including San Francisco, San Diego, Portland, and Seattle, saw a decline in prices, while the Southeast continued to be the strongest region, with a year-over-year increase of 10.2%. The median home prices in Vero Beach have also gone up 10.5% in the same period. These trends indicate that now is a great time to invest in Vero Beach real estate.

As professional realtors based in Vero Beach, FL, we have a deep understanding of our local real estate market and can provide you with valuable insights and guidance. Whether you are buying, selling, or investing in real estate, we are here to help you achieve your goals. Contact us today to schedule a consultation and discover the opportunities available in the Vero Beach market.

*Source (Case-Shiller: Prices Still Up – but Not as Much, Kerry Smith)

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