Southern florida saw small increase in real estate prices in may

After falling for nine months straight, single-family home prices in South Florida rose in May as the spring buying season boosted values, according to Standard & Poor's Case-Shiller 20-city housing index released Tuesday.

Home prices in the region including Miami-Dade, Broward and Palm Beach counties rose 1.2 percent between April and May, after falling 0.2 percent to a new recession low in April.

Still, compared to the same month last year, prices were down 5.3 percent, as foreclosures and distressed short sales continued to dominate the market.

Source: Gayapolis