Miami falls in ranking of home buying prices


After nine months of leading metro areas across the country in year-over-year increases in home prices, Miami fell out of the top spot in May, according to an analysis released Tuesday. 

The Miami area had a 3.4 percent increase in May when compared to a year earlier, according to the S&P CoreLogic Case-Shiller Indices.

That trailed Chicago at 4.6 percent, Cleveland at 3.9 percent and New York at 3.5 percent. 

In a prepared statement, Craig J. Lazzara, Managing Director at S&P DJI, described the results as the "Revenge of the Rust Belt" after warm-weather cities long topped the list

 "If this seems like an unusual occurrence to you, it seems that way to me too," Lazzara said in the statement. "It's been five years to the month since a cold-weather city held the top spot (and that was Seattle, which isn't all that cold)." 

The monthly analysis includes data for 20 metro areas, with Tampa the only other Florida city included. Tampa saw a year-over-year price increase of 0.7 percent in May, the analysis said

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