Miami home prices rose faster in August, gaining 4.24% from a year earlier and 0.17% from July, according to the S&P Cotality Case-Shiller index. Nationally, annual price growth also strengthened, reaching 2.1%. But inflation continued to outpace home-price gains, leaving prices lower in real terms for the 15th consecutive month.
Key takeaways
Miami’s annual home-price growth accelerated in August, while the national index posted a slightly larger year-over-year increase than in July. The figures show nominal prices rising even as inflation-adjusted values remain under pressure.
- Miami prices increased 4.24% year over year and 0.17% month over month.
- The national index rose 2.1% annually, up from 1.9% in July.
- National home prices slipped 0.02% month over month.
- Inflation of 3.4% outpaced national home-price growth.
Miami growth outpaces the national rate
Miami’s 4.24% annual increase was more than twice the national index’s 2.1% gain. The local index also rose month over month, even as the national measure edged down slightly. The figures point to differing conditions across housing markets: the report noted that Chicago led the tracked markets, while Seattle recorded a decline.
The Case-Shiller index tracks changes in home prices, and its year-over-year figures compare August 2026 with August 2025. The reported gains are nominal, meaning they do not account for the effect of inflation.
Inflation keeps real prices under pressure
Although national home-price growth picked up, consumer prices rose 3.4% over the year, exceeding the index’s 2.1% gain. S&P Dow Jones Indices said this marked the 15th consecutive month in which U.S. home prices declined in inflation-adjusted terms. The gap narrowed as nominal growth strengthened, but the real-value measure remained negative.
The report also cited mortgage rates in the mid-to-high 6% range and elevated household costs as ongoing affordability challenges. Those pressures help explain why stronger headline price growth does not necessarily mean housing has become more affordable for buyers.
What the August figures show
The data reflect a mixed picture: Miami prices continued to rise, national annual growth accelerated modestly, and the national monthly index slipped. Meanwhile, inflation-adjusted prices remained lower year over year. The contrast underscores why local market trends and inflation-adjusted measures can tell different stories about housing conditions.